Financial Hardship

In life, unplanned events can happen that leave you in a financial position that you didn’t expect. These events may include:

  • injury or illness,
  • unexpected changes in income or expenditure,
  • a relationship breakdown or death in the family,
  • a natural disaster such as floods, fires, etc.

  • situations of domestic and family violence.

This may result in a short term or long term issue for you. If you require support or assistance during this time, please don't hesitate to contact us

What can you do if you're experiencing financial hardship?

If the unexpected happens get in touch with our Customer Service team on 1800 221 727 and they can talk you through the options that may be available to help you through a difficult time. Or, you may wish to speak with your financial adviser. You may also need to provide supporting documentation to assist with your application.

If you have Asteron Life Insurance, we may be able to help with:

  • accessing features of your cover that may assist with affordability,
  • assisting you to make changes to your policy and/or change to a different type of policy, and
  • discussing your payment options to reduce your premium.

Assistance when making a claim

We understand making a claim can be stressful. Our claims managers are here to support and work with you to find a solution in:

  • understanding what is required of you,
  • completing claim forms,
  • providing requested claim information.

This may include offering to collect the information on your behalf, with your permission.

If you hold a Life Insurance policy and urgently need the benefits due to a condition that your policy covers, we will assess your request for urgent access to your benefits. We may ask you for evidence of this urgent need.

What happens next

We will aim to prioritise your claim for an illness or injury your policy covers. We will let you know what help we can offer you as soon as possible or within 5 business days of receiving all the evidence we need.

If we accept your request, we will confirm any help we offer in writing which might include:

  • prioritising your claim assessment and our decision, and/or
  • advancing part of your claim payment.

If you disagree with the outcome or are dissatisfied with how your claim was assessed, you can lodge a complaint.

Support for Existing Customers

All Asteron policies come with a grace period or period of extended cover when customers miss a premium payment. Generally, your insurance cover continues for at least 30 days if you miss a premium payment. So don’t worry if you have missed a premium payment recently, you are still covered for at least 30 days depending on your individual policy.

If you are an existing customer and having difficulty in making premium payments, please contact Asteron Customer Service on 1800 221 727, or contact your financial adviser to discuss your individual situation.

Please note that in some circumstances, some of these options may not be available to all customers, particularly if your individual insurance policy is funded through your superannuation fund.

Support for Small Business and SMEs

A strong and resilient small business is sector is critical for the Australian community and economy.  As a principle, Asteron will actively seek out opportunities to work with, and engage, small and medium sized (SME) enterprises.  In addition, Asteron will reduce our payment times for SME suppliers and businesses from 30 days to 14 days to support their cashflow requirements.

We recognise that each customer has their own individual circumstances and we encourage you to call Asteron Customer Service on 1800 221 727, or contact your financial adviser to discuss your individual situation.

Other ways to get help

If you're dealing with financial hardship it’s important that you get the help and support you need. In addition to speaking with us, these organisations may be able to provide you with further assistance. 

 Organisation Contact
National debt helpline www.ndh.org.au
Lifeline www.lifeline.org.au
Beyond Blue www.beyondblue.org.au
MoneySmart www.moneysmart.gov.au or call 13 11 14

Life Insurance Code of Practice

We have signed up to the Life Insurance Code of Practice. This Code sets out our obligations to you, covering the standards we must meet, rules around disclosure and how we should act when it comes to assisting with financial hardship. You can read the Code of Practice or find out more about it on the FSC website.

 

This standard does not apply to policies owned by a superannuation fund trustee as access to superannuation benefits is limited by law. However, you should contact the trustee directly as they may have other means of assisting you with financial hardship.

Asteron Life™ is committed to providing customers with long term financial security. We provide life insurance products including Income Protection Covers, Trauma Cover, Total & Permanent Disablement (TPD) Cover, Life Cover and Business Expenses Cover.

2023 © TAL Services Limited is a Dai-ichi Life Group Company.

The information provided on this website is general advice only and does not take into account your individual needs, objectives or financial situation. You should consider the appropriateness of the advice, having regard to those matters, and read the relevant Product Disclosure Statement (PDS) before making a decision to purchase or continue to hold a product. The Target Market Determination (TMD), where applicable, for the product is also available.

ASTERON LIFE™ INSURANCE
TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) is the issuer of Asteron Life™ insurance products. TAL Life is proud to have adopted the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the life insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities. Read more about the Code.

‘Asteron Life’ and the Asteron Life device are registered trademarks of TAL Services Limited ABN 60 076 105 130 (TAL Services). TAL Services and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). The different entities of the TAL group of companies are not responsible for, or liable in respect of, products and services provided by the other.

SUPERANNUATION
Asteron Life superannuation products are issued by LGIAsuper Trustee ABN 94 085 088 484 AFSL 230511 as trustee for LGIAsuper ABN 23 053 121 564 RSE R1000160, trading as Brighter Super (Brighter Super). Insurance and/or administration services are provided to Brighter Super by TAL Life. Brighter Super is not part of the TAL Group of companies and uses the Asteron Life brand under licence from TAL. The different entities of the Brighter Super Group and the TAL Group of companies do not guarantee, are not responsible for, or liable in respect of, products and services provided by the other.