Asteron Life Insurance

Information verified correct on September 29th, 2016

Asteron Life Insurance Review - Why Choose Asteron?

It was 179 years ago when the first life insurance policy was written in Australia. It was not long after when the first claim was paid out by the same company but it has not been disclosed whether it was the same policyholder or not. What we do know is that the very first life insurance policy was written by Asteron Life Insurance. Asteron Life Insurance has been writing policies and paying claims in Australia ever since. Fast forward to 2008 and the same company was found to have paid out more than $369 million in that one year to a total of 6,200 policyholders. That figure equates with paying out $1 million a day to Australian families when they needed help the most.

Compare Quotes for Asteron Life Insurance or Income Protection

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Gender
Smoker
Date of Birth
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
By submitting this form, you agree to the finder.com.au privacy policy
Compare Quotes

Why should I consider Asteron for my life insurance?

Asteron Life Insurance is different than many other life insurance providers in that it is a specialist life insurer focused on experienced financial advisers. The company's policy is to offer high quality sustainable products with features made to fit in with the needs of the customer's lifestyle. It places much emphasis on fully understanding everything concerning its policyholders health relationship.

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

Reasons to consider Asteron for your life insurance

Can I get cover without doing a medical exam?

In late 2013, Asteron launched no medical life insurance, a first for the Australian industry from a major life insurance company. Asteron previously required a "Personal Medical Attendant Report” supplied by a doctor with many applications, but now that this requirement has been removed, the application process is quicker and you can receive cover quicker.

In addition, Asteron eliminated specialist medical examinations and mandatory ECGs (resting and exercise). Other changes included the introduction of Asteron ‘own GP medical' for particular sums insured, the introduction of a new Exercise Echocardiogram requirement at $5,000,001 for Term Life Insurance/TPD Insurance and no mandatory medical requirements for clients aged under 55 and applying for less than a set amount of Life Insurance/TPD Insurance.

Asteron also made significant changes to its Income Protection Insurance. These include the ability for clients under the age of 50 to apply for up to $12,500 cover per month without medicals, while those over 50 have the ability to apply for up to $10,000 cover per month without medicals.

Finally, Asteron Insurance reduced its eligibility period for TPD Insurance from six to three months, meaning policyholders are now able to make claims sooner.

Do Asteron pay out claims?

  • Total Claims Paid by Asteron in 2011 - Total $248.2 million

Breakdown on Claims in 2011

  • Life - $76.2 million
  • Total and Permanent Disablement - $21.5 million
  • Trauma - $59.3 million
  • Income Protection and Business Expenses - $91.3million

How long do life insurance claims take?

Asteron assess income protection, trauma, death & terminal Illness claims, which all have different requirements. There is not a set timeframe for assessment because there are so many variables. However Asteron endeavour assess a claim as quickly as possible as they understand the importance of the outcome of the claim.

If there is a beneficiary on the policy it is “generally” a quicker process than if not. Depending on information surrounding the passing of the life insured there can be further requirements needed (or not). If no will is provided this can delay the claims process.

While there can be many variances, many of Asteron death claims are paid within a week.

Has Asteron won any awards?

In November 2010 Asteron Life Insurance was named CoreData 2010 Life Company of the Year for the second year in a row. This award was based on a survey taken from 840 advisers, financial planners and risk insurance specialists. The CoreData study focused on the strengths and weaknesses of life risk manufacturers against each other as well as measuring their attitudes and commitments to advisers and planners.

  • 2011 ‘Risk Insurance Innovation Award’ for Healthy Plus Option - Association of Financial Advisers (AFA)/Plan for Life Awards
  • 2011 joint finalist for Trauma Insurance Award - Association of Financial Advisers (AFA)/Plan for Life Awards
  • 2011 AFR Smart Investor SMILES Survey Award
  • 2011 CoreData ‘Life Company of the Year’ Award
  • 2012 Service Quality Award - Plan for Life/AFA Awards
  • 2011 Overall Winner - Life Company of the Year (3rd year in a row)
  • 2011 Winner - Best Risk Insurance provider for ‘customer service’ and ‘value for money’

On making the award, Kristen Paech, the head of Advice and Superannuation Research at CoreData said Asteron received the award for the second time in two years because if its consistency across all service levels measured in the research, particularly new business submissions, overall end to end business processing, post sale administration, call centres and communications. The CoreData study had looked at risk insurance providers who offered products such as income protection, trauma, term life, total permanent disablement and business insurance.

Is there an Asteron Insurance wellbeing program?

Asteron Life Plus is a health and wellbeing program that aims to help people reach their personal health and lifestyle goals. Once you’ve registered with the program, you can determine your Q-Score, which helps you to understand how healthy you are by putting you in an imaginary queue of 100 people just like you. The higher your score, the better your health.

Then the Asteron Life Plus program provides you with all the help and expert advice you need to bring about a healthier you. Set your health and fitness goals, then track your progress as you set about achieving them.

Back to top

What are the benefits of insurance with Asteron?

There are five types of cover available through Asteron Life Complete—Life Insurance, 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.

The key features of Asteron Life Complete include:

  • Worldwide cover. No matter where you are in the world, you’re covered 24 hours a day, seven days a week.
  • Automatic increase. The level of cover increases every year to keep pace with inflation.
  • Guarantee of upgrade. If the Asteron Life Complete policy is improved, these improvements will be passed on to the policy you have already taken out if they don’t result in an increase to your premium.
  • Guaranteed future insurability. If life events like having children or getting a pay rise prompt you to increase your cover, you’re able to do so without providing any further medical information.
  • Grief support service. If either you or your immediate family need grief counselling at the time of a claim, Asteron Life will pay for up to four hours of initial confidential grief counselling (or up to six hours if you choose combined counselling) for you or your immediate family.
Back to top

What are the different types of Asteron Insurance?

Asteron Life Complete Life 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.

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.

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:

  • Rent
  • Insurance of a property
  • Property rates/taxes
  • Security Costs
  • Gas
  • Electricity
  • Water
  • Regular advertising costs

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:

  • Blindness
  • Brain damage
  • Cancer
  • Intensive care
  • Paralysis
  • Severe burns
  • Stroke
Back to top

Can I hold my life insurance through super?

It’s also possible to hold your Asteron Life Cover, TPD Cover and Income Protection policies through superannuation. This can be arranged through the Suncorp Master Trust or through your own self-managed superannuation fund.

If you choose this option, you will have to satisfy contribution rules relating to super. Government regulations define when contributions can be made, the level of contributions that can be made without penalty and when you can access your superannuation benefits.

Any benefits you receive will then be paid to your super fund and form part of your superannuation account. Benefits can only be released in accordance with ‘release conditions’ provided by relevant legislation. Death benefits may be paid as a lump sum payment or as an income stream.

You can also link covers over two policies if the life insured is the same person. For example, covers on a policy held under superannuation can be linked to a policy outside of superannuation. This added flexibility lets you tailor cover to suit your needs.

Combining Your Asteron Life Insurance Inside Super with Policies Outside of Superannuation

Asteron Life Complete Flexible Policy LinkingSplit TPD
Inside Super FundOutside of SuperInside Super FundOutside of Super
Life CoverTPD Cover

  • Own Occupation TPD
  • Any Occupation TPD
  • Modified TPD

Trauma Cover

Child Cover

Life CoverSplit TPD Any OccupationSplit TPD Own OccupationTrauma CoverChild Cover
Back to top

What is Asteron's relationship with the 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.

Receive a quote for Asteron Life Insurance from an adviser

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback