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Asteron life insurance review

Flexible plans and extra family cover options are benefits of choosing Asteron life insurance, but it's also worth looking at other plans on the market.

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As of 31 August 2020, Asteron does not offer new life and income protection policies. You can compare other life insurance options available on finder here

Asteron life insurance: Our Verdict

  • Asteron's maximum entry age of 75 was only bettered by Australian Seniors (79) across the 17 brands we looked at.
  • You have the option to add child cover to your policy – more than two thirds of the providers we reviewed on our site didn't offer this.
  • Asteron weren't one of the six finalists in Finder's most recent awards. So, it's worth spending a little time comparing your other life cover options.

Review by our life insurance senior writer James Martin

Why should I consider Asteron for my life insurance?

Asteron Life Insurance can help you with affordable life insurance options that will guarantee your family's financial future should something happen to you.

In total, there are five types of life cover available through Asteron: Asteron Life Complete, Total and Permanent Disablement (TPD) Insurance, Trauma Insurance, Income Protection Insurance and Business Expenses Insurance. It's also possible to apply for additional Child Cover to increase the level of cover provided to your family.

Let's take a look at the key features of Asteron Life Complete.

Read a more detailed review on Asteron Life Insurance:

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Asteron life insurance

Key points on Asteron life insurance

Asteron Life Complete cover is an affordable and comprehensive life insurance option that pays out a lump sum if you die or are diagnosed with a terminal illness. This payment is designed to help your family cover mortgage payments, repay debts and create an income for their future.

Key features and benefits of this cover include:

  • Continuation of cover. You can convert your Life Cover Super sum insured to a new policy with Life Cover outside superannuation if you're no longer eligible to make superannuation contributions.
  • Life Cover Benefit. A lump-sum payment in the event of your death.
  • Terminal Illness Benefit. A lump-sum payment if you are diagnosed with a terminal illness.
  • Funeral Advancement Benefit. This advance payment will help your family cover funeral expenses and other immediate costs if you die.
  • Financial Planning Benefit. If you receive a benefit payment under your Life Cover, Asteron Life will also cover the cost of any accredited financial planning advice you obtain.
  • Waiver of Premium due to Serious Disablement. If you become disabled, Asteron Life will waive your premiums for a set time or cost limit.
  • Loyalty Funeral Benefit. This $15,000 benefit rewards loyal customers.
  • Premium and Cover Suspension Benefit. Your premiums and cover can be suspended if you become unemployed, take leave, or suffer financial hardship due to a drastic reduction in your household income.
  • Premium Freeze Option. You can freeze your premiums at any time if you're paying premiums on a stepped basis.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Optional add ons

Key optional add-ons of Asteron cover:

Asteron Life Cover also offers a range of additional features, including:

  • 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.
  • Healthy Life Option and Healthy Plus Option. These options apply a discount to your premium based on additional health and personal information and other evidence.

Age eligibilty requirements

PolicyAge of entry
Life CoverBetween 18-75
Life Cover SuperBetween 18-65
TPD CoverBetween 18-62
Trauma CoverBetween 18-65
Income Protection CoverBetween 18-62
Business Expenses CoverBetween 18-60
Child CoverBetween 3-21

Note: Age of entry is based on the premium you choose and other factors.

Asteron life insurance - pros and cons

Still wondering if Asteron is right for you? Here are the main pros and cons summarised:

Pros

  • You are covered worldwide
  • Premiums are waived if an event leaves you disabled
  • You can pause premiums during financial hardship (up to a certain amount of time)

Cons

  • Policy fee is added on top of your premium
  • Premium rates can be reviewed at anytime

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

What affects the cost of my life insurance premium?

Your lifestyle factors

These are the minimums you will pay regardless of any discounts or loadings which may apply. Loadings are factors which push the premiums upwards and can include the following:

  • Health and lifestyle factors
  • Your current age, or the age at which you took out the policy, depending on your premium structure
  • Your sex, occupation, smoking status and other loadings at the time of taking out the policy

Policy factors

The following factors determine the cost of your cover:

  • Your sum insured
  • The different types of cover included in your policy. More linked cover costs more, but generally less than it would to get each as a standalone policy
  • The optional extras and other features included in your policy.

Your premiums will be largely dependent on which payment structure you’re on. The three options are level, stepped and mixed premiums. Read about the different types of life insurance premium structures.

Compare Asteron with other life insurance policies

1 - 8 of 8
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Average Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$15,000,000
69
$15,000,000
98.1%
1.1 months
$20,230 million
Get 2 months free when you apply for one or more life insurance types with NobleOak's Premium Life Direct policy before 30 June 2022. T&Cs apply.
TAL Life Insurance
$2,000,000
74
$2,000,000
87.10%
2.9 months
$36,630 million
Finder verifies that TAL has more Australian lives insured than any other provider - for 3 years in a row. Plus, get up to 15% off with TAL’s Health Sense program.
Real Family Life Cover
$1,000,000
64
$1,000,000
90.20%
1.8 months
$53,462 million
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
Medibank Life Insurance
$2,500,000
70
$2,500,000
87.30%
3.8 months
$31,745 million
With Medibank Life Insurance, you’ll also get access to the 24/7 Medibank Nurse phone service. Medibank health members will save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
Data not available
Data not available
$12,444 million
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
87.20%
3.8 months
$31,745 million
Get ahm life insurance by 30 June and keep your cover for 6 months to receive $100 cashback. T&Cs apply^.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
98.10%
1.1 months
$20,230 million
When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
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Compare up to 4 providers

What exclusions are there?

These are situations where the policy won’t pay out. Some of these conditions may be imposed at the time you take out the policy, based on factors specific to you. For example, if you fly airplanes recreationally, the underwriter might want to write an exclusion into your policy stipulating that you have no cover in the event of an air crash, unless you were flying as a commercial airline passenger at the time.

For death, you cannot claim if it was caused directly or indirectly by self-inflicted acts within 13 months of the policy commencement date, cover reinstatement or an increase to your sum insured.

For income protection and business expenses type cover, the following exclusions apply:

  • No cover for acts of war
  • No cover for intentionally self-inflicted acts
  • No cover for your voluntary involvement in criminal acts
  • No pregnancy cover, or benefits for childbirth of miscarriage, unless you are continuously, totally disabled beyond 90 days
  • No benefits payable while you are incarcerated for any reason
  • When a policy is held inside superannuation, no benefits may be payable if the event giving rise to a claim occurred while you were unemployed.

Trauma cover, and other types of claims, may be rejected if the claimable event is the result of a pre-existing condition not specifically covered by your policy. This can include conditions you showed symptoms of prior to taking out cover if those symptoms would cause a reasonable person to seek medical advice.

What is Asteron's relationship with Suncorp Group?

Asteron Life Insurance is an important part of Suncorp's total insurance and financial contribution to the Australian and New Zealand public. From its humble beginning 179 years ago Asteron life Insurance has proven the importance life insurance has in the Australian community.

Today Asteron Life Insurance, as part of the Suncorp Group, covers more than nine million policyholders and has assets worth more than $93 billion. Other companies that now come under the Suncorp umbrella include APIA (Australian Pensioners Insurance Agency), Tyndall, Vero, AAMI, Shannons and GIO, making Suncorp a leader in Australian and New Zealand banking, investment, insurance and superannuation matters. Suncorp employs around 16,000 people and is a top ASX listed business.

Asteron Life Insurance is a specialist financial services organisation providing life insurance, risk insurance management, financial planning and trustee services for the Suncorp Group throughout Australia and New Zealand.


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4 Responses

  1. Default Gravatar
    RonNovember 2, 2021

    I would like to know if there is some way of finding out about a past life insurance policy that was taken out in 2011.

    I was paying into this fund for quite some time but for some reason or other, it has stalled and I’d like to know where my money has gone.

    I don’t have the policy number or any copies of the said policy. I only have bank statements showing that it was being paid. Hoping you can help me please as it is becoming quite frustrating, to say the least.

    • Avatarfinder Customer Care
      JamesNovember 10, 2021Staff

      Hi Ron,

      The Financial Services Council (FSC) is able to assist you in finding a ‘lost’ life insurance policy. They can do so by contacting their life insurance members and asking them to check their records. They’ll be able to contact you if they have a policy or other relevant information.

      Read more about the FSC and life insurance.

      All the best,
      James

  2. Default Gravatar
    PhilApril 4, 2018

    My question is I have been paying for life insurance and wondering if I could transfer the accrued amount to superannuation account. Also, the amount I’m paying is it tax deductible?

    • Avatarfinder Customer Care
      MayApril 5, 2018Staff

      Hi Phil,

      Thanks for your inquiry.

      That is possible, you would need to speak to your insurance company and super fund of your plan. There may be tax implications when you do this so ask as well your chosen super fund. Please refer to Moneysmart’s insurance through super guide to get more information.

      Cheers,
      May

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