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Asteron Life Product Update

Asteron Life has released an update to its Asteron Life Complete product range.

Effective from 1 October, the insurer has issued a Supplementary Product Disclosure Statement detailing the changes, which relate mostly to its living insurance product offers.

Key changes include:

Total and Permanent Disability

Asteron Life says it is giving clients ‘…more choice and flexibility’ by introducing the following changes to its TPD cover:

  • Stand Alone TPD Cover is now available under Suncorp Master Trust Ownership for new and existing Asteron Life Complete customers. Asteron says this means customers can now fund Stand Alone TPD using its ‘Pay By Any Superfund’ facility.
  • Where the proposed TPD sum insured is greater than Life cover required, Asteron Life will issue an additional Stand Alone Policy and waive the policy fee. The fee is waived automatically by the insurer’s quoting software.

Severe Rheumatoid Arthritis

An updated definition for Severe Rheumatoid Arthritis has been introduced for all new and existing Asteron Life Complete policy holders.

Policy amendments

Some terms and conditions within the existing PDS dated 27 November 2017 have been amended in order to ‘…clarify the intent and purpose of the product, it’s benefits and our internal processes.’ Noting these changes will only apply to new customers, areas covered include:

  • Payment of the TPD Benefit
  • Payment of Income Protection Cover benefits
  • Payment of Business Expenses Cover benefits
  • Updated definitions of:
    • Injury
    • Sickness

Click here to access the combined 27 November 2017 Asteron Life Complete Product Disclosure Statement, which now contains the 1 October 2018 SPDS, detailing all changes in this round of updates…