Asteron Life has released a Supplementary Product Disclosure Statement which delivers three enhancements within its Asteron Life Complete product range.
Headlining the enhancements is an extension to the survival period for Asteron’s Terminal Illness Benefit.
The insurer describes this enhancement as the first retail insurance product to adopt an ‘unlikely to survive more than 24 months’ terminal illness definition for both super and non-super insurance contracts, which is also passed back to existing policy holders within the Asteron Life Complete series. This payment was previously provided where medical opinion stated the insured was unlikely to survive more than 12 months.
Like other insurers, Asteron Life is aligning its terminal illness benefit with an updated early release clause under superannuation provisions. Chris McHugh, Executive General Manager of Suncorp’s Personal Injury portfolio noted, “We see real value in ensuring Asteron Life Complete customers have access to a terminal illness benefit earlier and aligning to the Superannuation Industry (Supervision) (SIS) conditions of release for cover structured through super. We believe when faced with a terminal illness, this benefit can make a significant difference to customer lives, allowing them to focus on the important things, like time with family.”
The other changes detailed by Asteron Life relate to updated definitions for Coronary Artery Angioplasty and Melanoma:
Coronary Artery Angioplasty
The insurer will pay the full Trauma Benefit ‘…if the insured undergoes a triple vessel angioplasty performed during one or more procedures, which occur within a two-month period.’ (Previously the triple vessel angioplasty had to be performed during the same procedure.)
Asteron Life will also pay a partial trauma benefit for each one or two vessel angioplasty without any time restriction between claims, allowing for multiple partial trauma benefit claims for different angioplasty events. (Previously each subsequent angioplasty procedure had to occur at least six months after the previous angioplasty procedure.)
Melanoma
A release announcing the enhancements noted the criteria for a Melanoma, within the Cancer definition, has been relaxed to now consider a Breslow thickness of at least 1.0mm (previously 1.5mm was required).
Full details of the changes can be found in the SPDS, which became effective from 1 September 2016.
