Choose from 3 levels of cover with Asteron Income Protection
Asteron Life has been offering insurance to Australians for over 175 years and has grown to become one of the largest life insurance companies in Australia. Asteron offers Trauma, TPD, Life Cover and Income Protection cover with three Income Protection Covers to Choose from:
- 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
Read on to learn more about the income protection on offer from Asteron or submit your details in the form below to receive a quote.
| Maximum monthly benefit | $60,000 |
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| Age of entry | 18 - 62 for income protection |
| Policies offered by Asteron |
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| How do I apply? | With an adviser over the phone |
Age of entry depends on the type of premium you choose
| Pros | Cons |
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
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 type | Income Protection Plus Cover | Income Protection Cover | Income Protection - Accident Only Cover |
|---|---|---|---|
| Totally Disabled Benefit | Yes | Yes | Yes |
| Partially Disabled Benefit | Yes | Yes | Yes |
| Death Benefit | 6 times | 3 times | 3 times |
| Increasing Claim | Yes | Yes | Yes |
| Recurring Disability | Yes | Yes | Yes |
| Premium Waiver Benefit | Yes | Yes | Yes |
| Premium and Cover Suspension Benefit | Yes | Yes | Yes |
| Pregnancy Premium Waiver | Yes | Yes | Yes |
| Concurrent Disability | Yes | Yes | Yes |
| Waiting Period Conversion | Yes | Yes | Yes |
| Temporary Extended Waiting Period | Yes | Yes | Yes |
| Elective Surgery Benefit | Yes | Yes | No |
| AIDS Cover | Yes | Yes | No |
| Specific Injury Benefit | Yes | o | No |
| Crisis Benefit | Yes | o | No |
| Overseas Assist Benefit | Yes | o | No |
| Accommodation Benefit | Yes | o | No |
| Bed Confinement Benefit | Yes | o | No |
| Family Assist Benefit | Yes | o | No |
| Transportation Benefit | Yes | o | No |
| Childcare Reimbursement Benefit | Yes | o | No |
| Unemployment Benefit | Yes | o | No |
| Day 1 Accident Option | o | o | o |
| Child Cover | o | o | No |
| Booster Option | o | o | No |
| SuperSaver Option | o | o | No |
| Split Income Protection Option | o | o | No |
o Optional additional benefits that can be applied for at an additional cost.
Back to topAsteron 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.
- 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.
- 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.
- 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... Q. How much will I be paid?
- A. In the event of a claim, you will be paid a benefit of up to 80% of your regular income.
Q. What types of things can I pay for with my benefit?
- A. You can use your benefit to pay for any everyday or ongoing expenses you have. This could include rent or mortgage, groceries, utility bills and education expenses.
Q. Is there a Cooling-off period?
- A. You have a cooling-off period of 30 days from the date of issue during which you can cancel your policy.
Q. What types of premiums are available?
- A. Depending on your budget and insurance needs, you can choose between the Level, Stepped and Mix structure options.
Q. How often can I pay my premium?
- A. You have the option of paying your premiums monthly, quarterly, biannually or annually.
Q. What is a waiting period?
- A. The waiting period of time before your benefit payment is paid. You can choose your waiting period at the time of application.
Q. How long will it take for me to receive my benefit payment?
- You will start receiving payments one month after your waiting period ends.
Q. How will the benefit be paid?
- A. Payment will be transferred to your account or via a bank cheque.
Q. Will I pay tax on my benefit?
- A. Any benefit you receive are usually assessable for tax purposes. It’s worth speaking with an independent tax specialist.
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
