Asteron Life Insurance

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Asteron Life is a provider of life insurance policies that are only available through a financial adviser. Although Canstar does not compare or rate Asteron Life life insurance policies, we have outlined some key features below.

What life insurance products does Asteron Life offer? 

Asteron Life offers life insurance policies that provide varying levels of cover depending on your personal and family circumstances and needs. Asteron life insurance policies can be taken out as a single policy or can be built into a superannuation fund.

Asteron Life currently offers a suite of life insurance products, including:

  • Life Insurance: Lump sum payment upon your death or being diagnosed with a terminal illness.
  • Total and Permanent Disablement (TPD) Cover: Financial protection in the event that you become totally and permanently disabled. This lump sum payment may be used to pay medical expenses or generate an income, for example.
  • Trauma Cover: A lump sum payment if you’re diagnosed with a serious medical condition such as cancer, heart attack or stroke. 
  • Income Protection Cover: Generally provides cover for up to 80% of your monthly income if you’re unable to work due to sickness or injury.

What features does Asteron Life life insurance offer?

Some optional and built-in benefits of an Asteron Life Life Cover policy include:

  • Life cover benefit: A lump sum payment in the event of your death.
  • Terminal illness benefit: A lump sum payment if you’re diagnosed as terminally ill.
  • Funeral advancement benefit: Covers up to $20,000 in immediate expenses after your death to assist with funeral costs.
  • Financial planning benefit: Reimburses fees up to $2,500 for the cost of financial advice fees following the payment of a claim.
  • Waiver of premium due to serious disablement: Allows you to wave your premiums for up to two years if you suffer a sickness or injury that permanently prevents you from performing at least two activities of daily living without the assistance of another person. Activities of daily living may include bathing, showering, dressing or eating, among other things.
  • Loyalty funeral benefit: Pays an extra $15,000 to your beneficiaries in the event of your death if your premiums are paid to the age of 70 for 10 consecutive years.
  • Premium and cover suspension benefit: Allows you to apply to suspend your premium and cover for up to 12 months if you are experiencing financial hardship.
  • Premium freeze option: Allows you to freeze the premiums on your cover so that your future premium continues at a set amount.
  • Continuation of cover: Allows you to convert your insured amount from a superannuation life insurance policy to a life insurance policy outside of super if you are no longer eligible to make contributions to your super fund.

How to apply for Asteron Life life insurance 

Asteron Life life insurance policies are only available through a financial adviser. After you receive a quotation from your adviser, you are able to complete an Asteron Life application form which is available online.

You can also complete an online application form with your adviser, however, Asteron Life recommends that you obtain a copy of the application form submitted from your financial adviser.

Eligibility to apply

According to Asteron, to apply for stepped premiums you must be between 18-75 years old. To apply for level premiums, Asteron says you must be aged between 18-60 years old. 

Upon application, you’ll also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover Asteron Life is willing to offer to you.

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Asteron Life Insurance FAQs

Asteron Life says the cost of your premiums will vary depending on the following:

  • Level of cover
  • Age and gender
  • Occupation
  • Health and lifestyle, including smoking status
  • Annual government fees and charges and administration costs

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this. 

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

To make a claim on an Asteron Life policy, you can speak to a financial adviser, call Asteron Life directly or request a ‘claims kit’ and be contacted directly by a claims specialist.

Asteron Life says that the claims process progresses as follows:

  1. Notify Asteron Life of the Claim
  2. Asteron Life sends a ‘claims kit’ which outlines the claims process and includes the relevant forms and information required to process the claim
  3. After returning the information, the assessment of the claim begins
  4. You will be informed of the outcome and your benefit will be paid if the claim is successful

According to Asteron, it offers a choice of ‘stepped’ premiums where your premium increases each year as you get older, or ‘level’ premiums where your premiums stay the same. Check with Asteron for any limits or restrictions that might apply.

At the time of writing, medical tests are not required to apply for Asteron life insurance; however, in the event of a claim, Asteron Life may require additional evidence or do a full review of your medical records. 

After buying an Asteron Life life insurance policy, you can apply to increase the amount of your cover at any time. Asteron Life will offer to increase the sum insured each year on the anniversary of your cover without any account taken of your health, occupation or pastimes. 

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. 

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.

It depends on the condition and policy you decide to take out. When applying for Asteron Life life insurance, you must disclose any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. 

If you have a pre-existing medical condition, any claims made in relation to the condition may not be covered by your insurance policy.

Asteron Life is a specialist life insurance company with over 185 years experience providing cover to Australians. In 1833, Asteron Life says it wrote Australia’s first life insurance policy and soon after paid Australia’s first life insurance claim.

Written by: Eliza Parry-Okeden | Last updated: November 18, 2019