Asteron Life Insurance

Asteron Life Complete TPD Cover can help ease the financial burden on you and your family if you’re totally and permanently disabled. It does this by providing a lump sum payment that can be used to cover things like medical bills and home modifications, and even generate an income if you cannot work again.

Key features of this type of cover include:

• Total and Permanent Disablement Benefit. This pays a lump sum if you become totally and permanently disabled.
• Single Loss of Limb or Eye Benefit. This benefit pays out 25% of the sum insured if you suffer a single loss of limb or eye.
• Limited Death Benefit. Your cover pays a benefit of up to $20,000 in the event of death or terminal illness if the TPD Benefit is not payable.
• Financial Planning Benefit. If you get receive a TPD Benefit payment, the Financial Planning Benefit will reimburse you for any financial planning advice you seek.
• Premium and Cover Suspension Benefit. If you experience financial hardship, are unemployed, or are on sabbatical, maternity, paternity or long-term leave from work, you can apply to suspend your premiums and cover for up to 12 months.
• Premium Freeze Option. You can freeze your premiums at any time if you’re paying premiums on a stepped basis.
• Continuation of Cover. You can apply to extend your cover to age 70.
• Conversion Benefit. You can convert part or all of your TPD standalone cover to an Asteron Life Complete policy which includes cover in the event of death.

Optional additional benefits of Asteron TPD Cover include:

• Business Security Option. You can increase your cover without the need for further medical evidence when a specified business event occurs.
• Child Cover. This offers a benefit payment if the insured child dies, is diagnosed with a terminal illness or suffers a specific medical event.
• Waiver of Premium Option. This option waives your premiums while you’re disabled and unable to work for six consecutive months or more.

Asteron Trauma Cover pays a lump sum payment if you’re diagnosed with a serious medical condition, such as heart attack, cancer or stroke. This payment can be used to cover the cost of medical treatments and pay off your mortgage so you don’t have to worry about your finances and can instead concentrate on your recovery.

Key features of this type of policy include:

• Trauma Benefit. This lump sum is paid if you’re diagnosed as suffering a specific medical event, such as major head trauma, loss of limb, heart attack, cancer, stroke, HIV and severe burns.
• Partial Trauma Benefit. This pays a percentage of the sum insured if you’re diagnosed as suffering a Partial Trauma medical event.
• Limited Death Benefit. You will receive this benefit of up to $20,000 if you die and the Trauma Benefit or the Partial Trauma Benefit is not payable.
• Financial Planning Benefit. If you get receive a TPD Benefit payment, the Financial Planning Benefit will reimburse you for any financial planning advice you seek.
• Premium and Cover Suspension Benefit. If you experience financial hardship, are unemployed, or are on sabbatical, maternity, paternity or long-term leave from work, you can apply to suspend your premiums and cover for up to 12 months.
• Premium Freeze Option. You can freeze your premiums at any time if you’re paying premiums on a stepped basis.
• Continuation of Cover. You can convert your Trauma Stand Cover to a policy with TPD Stand Alone Cover if the Trauma Benefit has not become payable before your policy expires.
• Conversion Benefit. You can convert part or all of your TPD Stand Alone Cover to an Asteron Life Complete policy which includes cover in the event of death.

Optional additional benefits of Asteron Trauma Cover include:

• Business Security Option. You can increase your cover without the need for further medical evidence when a specified business event occurs.
• Child Cover. This offers a benefit payment if the insured child dies, is diagnosed with a terminal illness or suffers a specific medical event.
• Waiver of Premium Option. This option waives your premiums while you’re disabled and unable to work for six consecutive months or more.
• Trauma Booster Option. This option doubles the payment for the Partial Trauma Benefit, and boosts the payment of the Trauma Benefit by an additional 25% for five specified trauma events.
• Trauma Reinstatement Option. You can purchase a new policy with Trauma Stand Alone Cover 12 months after the Trauma Benefit has been paid, without providing additional medical information.

Asteron Income Protection Cover is designed to replace up to 80% of your monthly income if you’re unable to work due to sickness or injury. This acts as a steady stream of income to help you take care of regular expenses and concentrate on getting better. It is available in three forms: Income Protection Plus Cover, Income Protection Cover, and Income Protection—Accident Only Cover.

Key features of this type of cover include:

• Totally Disabled Benefit. This is a monthly benefit you receive if you’re totally disabled after the waiting period as a result of sickness or injury.
• Partially Disabled Benefit. This pays a monthly benefit if you’re partially disabled as a result of sickness or injury.
• Death Benefit. If you die or become terminally ill, Asteron will pay a benefit three or six times the monthly benefit, depending on your level of cover.
• Increasing Claim. If you’re receiving monthly benefit payments, the benefit amount will increase each year.
• Recurring Disability. If you’ve been paid a Totally Disabled Benefit or Partially Disabled Benefit and suffer from the same sickness or injury, payments will recommence without having to endure a new waiting period.
• Premium Waiver Benefit. If you’re receiving a monthly benefit payment, your premiums will be waived.
• Premium and Cover Suspension Benefit. If you experience financial hardship, are unemployed, or are on sabbatical, maternity, paternity or long-term leave from work, you can apply to suspend your premiums and cover for up to 12 months.
• Pregnancy Premium Waiver. Asteron Life will waive premiums for up to six months if you become pregnant while your policy is in force.
• Concurrent Disability. If you’re entitled to make more than one claim for more than one benefit because you’re suffering from two or more concurrent disabilities, you’ll be paid for the condition that entitles you to the highest benefit.
• Other benefits. These include the Elective Surgery Benefit, AIDS Cover, Specific Injury Benefit and Waiting Period Conversion.

Optional additional benefits of Asteron Income Protection Cover include:

• Day 1 Accident Option. If you’re totally disabled for more than 72 consecutive hours due to an injury, Asteron will pay 1/30th of the Total Monthly Benefit for each day you’re totally disabled during the waiting period.
• Child Cover. This offers a benefit payment if the insured child dies, is diagnosed with a terminal illness or suffers a specific medical event.
• Booster Option. This option pays an additional 1/3 of the monthly benefit otherwise payable for the first three months if either the Totally Disabled Benefit or the Partially Disabled Benefit is payable.
• SuperSaver Option. This option lets you apply to insure an additional 5% of your monthly income for superannuation contributions.

Asteron Income Protection Insurance is also available for medical professionals who work in a profession that exposes them to unique risks. Income Protection Plus Cover and Income Protection Cover have a number of built-in benefits designed to protect medical professionals against these professional risks. These benefits include:

• Blood Borne Diseases. If you’re diagnosed with HIV or Hepatitis B or C and your income is reduced as a result your condition, Asteron will deem you to be totally disabled or partially disabled.
• Needlestick and Medical Hazards Benefit. You’ll receive 50 times the total monthly benefit if you’re diagnosed with occupationally acquired HIV or Hepatitis B or C.
• Return to Work Benefit. An amount equal to the total monthly benefit will be paid if you’ve been receiving the Totally Disabled Benefit for more than six months and then immediately return to full-time work.
• Business Rehabilitation Benefit. You’ll be reimbursed for any business coaching or consulting expenses.
• Overseas Assist Benefit. If you’re overseas and become disabled and are entitled to receive payments, Asteron Life will reimburse the cost for you and your immediate family members to return to either your home address or a medical facility in Australia.

Asteron Business Expenses Cover is designed to help you pay for fixed business expenses like utility bills or rent by providing a monthly benefit if you’re unable to work due to sickness or injury. Its key features include:

• Business Expenses Benefit. This benefit is paid if you’re totally or partially disabled.
• Death Benefit. If you die or become terminally ill, your policy will pay a benefit equal to three times the Business Expenses monthly benefit.
• Recurring Disability. If you’ve been paid a Totally Disabled Benefit or Partially Disabled Benefit and suffer from the same sickness or injury, payments will recommence without having to endure a new waiting period.
• Premium and Cover Suspension Benefit. If you experience financial hardship, are unemployed, or are on sabbatical, maternity, paternity or long-term leave from work, you can apply to suspend your premiums and cover for up to 12 months.
• Concurrent Disability. If you’re entitled to make more than one claim for more than one benefit because you’re suffering from two or more concurrent disabilities, you’ll be paid for the condition that entitles you to the highest benefit.
• Elective Surgery. This provides cover for elective surgery if you transplant part of your body to someone else or improve your appearance under the advice of a registered doctor.
• Specific Injury Benefit. The Totally Disabled Benefit will be paid for a specified payment period without applying the waiting period if you suffer a specific injury.
• Blood Borne Diseases. This provides cover for blood borne diseases if you’re a health care professional.
• Crisis Benefit. This will be paid if you suffer a medical event such as heart attack, cancer or stroke.

Some allowable Business Expenses under this type of cover include:

Asteron Child Cover can help ease the financial burden on families if a child becomes seriously ill. It covers a list of defined events including serious medical conditions, and can be used to pay for medical treatments, or even let you take time off work to support your child. This type of cover can be accessed through your Asteron Life Complete policy.

Its key features include:

• Total Child Cover Benefit. This offers a benefit payment if the insured child dies, is diagnosed with a terminal illness or suffers a specific medical event.
• Partial Child Cover Benefit. If Child Cover applies for an insured child on your policy, Asteron will pay $10,000 if the insured child suffers a serious accidental injury or single loss of limb or eye.
• Guaranteed Future Insurability. You can increase the level of cover for an insured child by $10,000 at a time, without the need for further medical evidence, when the child turns six, 10, 14 or 18.
• New Policy Option. You can purchase a new policy with Life Cover and linked Trauma Cover, or a Trauma Stand Alone Cover when your child turns 18, without providing further medical evidence.

Medical conditions covered under Asteron Child Cover include: