Asteron Life income protection review

A market-leading claims acceptance rate and unemployment benefits are among the reasons to choose Asteron Life income protection.

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Our Verdict:

  • It's one of the few insurers to offer unemployment benefits — it waives premiums in the event of involuntary unemployment.
  • Policies purchased through a financial advisor have a 96.5% claims acceptance rate, the highest of 11 brands tracked on MoneySmart, the Australian government's consumer site.
  • It comes with a super save option that lets you insure up to 80% of your income — that's 5% more than most insurers. However, you need to pay extra for it.

Review by our insurance writer Gary Hunter

Asteron Life has been offering insurance to Australians for over 175 years and currently offers three income protection covers: Income Protection Plus, Income Protection Cover and Income Protection – Accident Only Cover.

  • Income Protection Plus Cover - Asteron's most basic cover
  • Income Protection Cover - Cover available for a whole range of applicants, also available through superannuation
  • Income Protection Accident Only Cover - Basic cover to just cover accidental injuries

Asteron income protection at a glance

Maximum monthly benefit$60,000 (Up to 75% of your monthly income)
Age of entry18 - 62 for income protection
Type of policies offered by Asteron Income Protection
  • Income protection
  • Business expenses
How much can I expect to pay?For an annual income of $75,000:
  • $65.39 per month to cover 75% of your monthly income
How do I apply?With an adviser over the phone

Based on Asteron Life Complete Income Protection insurance. Age of entry varies with the type of premium you choose. Costs are an estimate based on a male, non-smoking office worker and was taken out on April 2019 using Finder's quote engine. Cost is subject to change at anytime.

  • Booster option available to increase your claim by ⅓ for the first three month after a claim.
  • Paying premiums monthly will cost more relatively to paying them annually.
  • Waiver premiums in the event of involuntary unemployment.
  • There is a policy fee on top of premium.
  • Business expenses policy is offered.

Based on Asteron Life Complete Income Protection insurance. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).

This cover might be suitable if:

  • Cover with a lot of build in benefits e.g. death benefit, access to rehabilitation services
  • You want a higher percentage of income covered - there's an option to go from 75% to 80%
  • You'd like to get tailored cover with the help of an adviser
  • You are after a cheaper policy - our research suggests Asteron is at the lower end in terms of price for a 35 year old male.

Don't get this cover if:

  • You are over 62 years old

Based on Asteron Life Complete Income Protection insurance.Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).

Note: The following is based on the Life Insurer Asteron Life & Superannuation Limited. Asteron Life & Superannuation Limited is the insurer behind brands like Asteron Income Protection.

Claims dataAsteronIndustry Average
Average claim time (months)1.401.60
Claim disputes (per 100,000 lives insured)110.1129.9

We looked at APRA data for claims over 2017-2018. The statistics above reflect 'income protection' claims.

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What does the Asteron Life Income Protection cover?

Asteron Life Income Protection Cover provides compensation when you’re unable to work. In essence, it replaces the income you’d ordinarily earn if you weren’t incapacitated because of illness or injury. The built-in features of this policy include:

  • 24-hour worldwide cover
  • Three-tier total disability
  • Partially disabled benefit
  • Death benefit
  • Recurring disability
  • Benefits against blood-born diseases like HIV, hepatitis B and C for medical professional occupation classes
  • Partial payments for when you’re earning reduced income
  • Elective Surgery benefit
  • Premiums waived for six months for women who are pregnant
  • Built-in claims indexation, making sure your benefit increases in line with inflation
  • Flexible cover that you can increase without further medical checks if your situation changes (pregnancy or applying for a mortgage)
  • Access to support services like rehabilitation and returning to work
Benefit typeIncome Protection Plus CoverIncome Protection CoverIncome Protection - Accident Only Cover
Totally Disable BenefitYesYesYes
Partially Disabled BenefitYesYesYes
Death Benefit6 times3 times3 times
Increasing Claimooo
Recurring DisabilityYesYesYes
Premium Waiver BenefitYesYesYes
Premium and Cover Suspension BenefitYesYesYes
Pregnancy Premium WaiverYesYesYes
Concurrent DisabilityYesYesYes
Waiting Period ConversionYesYesYes
Temporary Extended Waiting PeriodYesYesYes
Elective Surgery BenefitYesYesNo
AIDS CoverYesYesNo
Specific Injury BenefitYesoNo
Crisis BenefitYesoNo
Overseas Assist BenefitYesoNo
Accommodation BenefitYesoNo
Bed Confinement BenefitYesoNo
Family Assist BenefitYesoNo
Transportation BenefitYesoNo
Childcare Reimbursement BenefitYesoNo
Unemployment BenefitYesoNo
Day 1 Accident Optionooo
Child CoverooNo
Booster OptionooNo
SuperSaver OptionooNo
Split Income Protection OptionooNo

o Optional additional benefits that can be applied for at an additional cost.

Smiling businessman

Asteron Life Income Protection Additional Options to Consider

Besides the built-in benefits that come standard with the life income policy, you also have access to additional options. Not only do they upgrade your policy, but they also help tailor it to suit your specific needs. These include:

  • Booster Option. This kicks up your Income Protection payments by a third the first three months when you file a claim.
  • Day 1 Accident Option. In the case of a serious accident, this option ensures that you receive the total monthly benefit during the waiting period.
  • SuperSaver Option. This option allows you to insure up to 80% of your income.
  • Child Cover. This insures your child against certain medical conditions like cancer meningitis.

How Much Will Cover cost?

The amount you pay in premiums and the level of cover you are granted are calculated based on the level of risk you represent. Factors like your physical health, whether or not you smoke, age, gender and occupation are taken into account. Depending on your insurance needs and your budget, you can choose the premium structure that suits you best.

  1. These premiums don’t change until your 65th or 70th birthday (you can choose which) unless you change certain details about the policy. After the 65th or 70th birthday, the premium automatically converts to the Stepped option.
  2. This policy is recalculated on every policy anniversary based on the standard premium as well as factors like your age, whether or not you smoke, the amount for which you’re insured and your age on your next birthday.
  3. You can apply for a Mixed policy that combines the Stepped option with either up-to-65-years or up-to-70-years premium.

When Will I Actually Be Paid?

If you need to claim from your income protection policy, here’s what you need to do to get the process started.

  • Provide an initial claims form. Both you and your treating doctor have sections to complete.
  • Include supporting documentation. You’ll be asked to supply copies of medical reports and investigations conducted. You may also be asked to supply financial documents and/or tax returns.

What is the age of eligibility for Asteron Life Income Protection ?

The minimum entry ages for life income protection is as follow:

  • Stepped: 18 to 62 years
  • Level: 18 to 60 years

Exclusions To Be Aware Of

There are certain circumstances in which the policy won’t pay out. It’s important to be aware of these general exclusions before signing to purchase the policy. You will not be eligible for benefits in the event of the following:

  • war or an act of war
  • self-inflicted harm
  • voluntary participation in criminal activity
  • pregnancy, miscarriage or childbirth except in the case of your disability persisting for more than 90 days
  • incarceration

Asteron Income Cover F.A.Q

Still unsure about a few things? Some other questions you might have about your policy...

Ready to receive a quote for Asteron Income Protection?

If you are interested in receiving a quote for Asteron Income Protection, you can make a secure enquiry via the enquiry form located above. An insurance consultant will contact you to discuss you to provide you with a quote based on your details and discuss any policy features you are not sure of. If you are still interested in taking out cover, a consultant will help you submit your policy application.

Receive a secure quote for Asteron Income Protection from an adviser

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