Asteron Premium Reductions, Technology Enhancements


Asteron has reduced premium rates within its Lifeguard series and has also announced technology enhancements to its Equate and Lifeguard EQ services.

With effect from 1 March 2010, clients holding Asteron Lifeguard Life Cover stepped premium contracts will have their premium rates reduced at their next policy anniversary (the Lifeguard series having commenced in 2007).

According to a bulletin from Asteron to its advisers, the insurer has focussed on:

  • Making Asteron’s prices more competitive for people over 45 for sums insured up to $750K
  • Improving discounts offered to eligible clients over 45 years who have sums insured between $150K – $750K
  • Offering discounts to eligible clients who have sums insured from $150K (previous low threshold was $250K)

Asteron says these changes now make it particularly competitive in the following key market segments:

  • Clients aged 30 – 45 years with sums insured of $750K plus
  • Female clients
  • Clients when multi-application and multi-life discounts are included

The insurer says its new premiums for Asteron Lifeguard – Life Cover combined with TPD cover also positions it in the top quartile for most ages, genders and occupations, noting it remains one of the few insurers to offer TPD cover with an “own occupation” definition to many trade qualified people.

Equate and Lifeguard EQ Enhancements

Asteron has also informed advisers that enhancements to its online Equate client illustration and Lifeguard EQ electronic application and underwriting services are now live:

Lifeguard EQ has been upgraded so that advisers can now:

  • Refer outstanding medical tests to the tele-interviewer to organise and follow-up on the adviser’s behalf, saving valuable time.
  • Keep up-to-date with the progress of clients’ tele-interviews including appointment changes and status updates
  • Choose to collect the clients’ bank details themselves or have the tele-interviewer gather this information for the adviser, depending on the experience the adviser wishes to give to the client

In addition, new short form applications have been introduced for clients proposing for cover over the non-medical limits, meaning advisers and clients now have the option to skip the personal statement questions.

Finally, following feedback from advisers, Asteron has upgraded the offline version of its Equate illustration platform to include many of the features available in the online version.