Asteron has completed a series of adviser briefings that have introduced a raft of changes to the insurer’s Lifeguard risk products range and the claims and underwriting services that support them.
With an effective date of 31 August 2009, the third PDS release in the Asteron Lifeguard series contains a large number of enhancements across all product types.
Asteron has told advisers it has improved the way it delivers its new PDS by making it available on CD ROM, with its hard copy version now reduced by 60 pages from 144 to 88 pages.
Key product changes include:
Lump Sum Products
- Revised Business Security Option - limits, expiry ages and availability across a broader range of lump sum products
- Updated trauma definitions, benefit limits
- Introduction of new full and partial trauma benefit payments
- Updated Funeral Assistance Benefit
- Introduction of new ‘TPD No Buyback’ Option, creating an approximate premium saving of 14%
Income Protection/Business Expenses
- Enhanced Booster Benefit option: ‘Booster Plus’, which combines Asteron’s Booster and Recovery Booster options. The Booster benefit provides an additional 1/3 monthly benefit for first three months - see PDS pages 43/44 for more details on each option.
- Adding Blood Borne Diseases to Business Expenses
- Revised offsets clause under Business Expenses
- Greater waiting period flexibility under IP - new feature
- Other enhanced definitions
Rates
Asteron advises that level premium rates for its Life Cover product are guaranteed not to change before 1 January 2015.
…a special 5% rates discount initiative
The insurer has also implemented a special 5% rates discount initiative for single life cover quoted through Equate Online and submitted via Lifeguard EQ.
Other rates enhancements include:
- New level premiums being made available to age 55 (lump sum products)
- New level premiums being made available to age 70 (life cover)
- Repricing of accidental injury plus rates
All product enhancements became effective through Asteron’s new Equate Online platform from 31 August 2009.
Claims and Underwriting Enhancements
Claims First Response Unit
Asteron reports that its Claims First Response Unit (FRU), introduced in 2008, now pays out 30% of Income Protection claims on the same day the claim form is received by the FRU. All claims not falling into this category are assessed within 24 hours.
Large Case Pre-assessment Team
A new large case pre-assessment team has been introduced by Asteron that gives advisers with large benefit cases access to a newly appointed forensic accountant.
For large cases, advisers will have direct access to Asteron’s large case pre-assessment team and its forensic accountant, with 24-hour notification of receipt and advice regarding next steps in the underwriting process.
The new PDS is available in the riskinfo Resource Centre, with applications on the expiring PDS issue 2 being accepted until 25 September 2009, if signed and dated prior to 31 August 2009.
