Media releases

Asteron enhances more than 140,000 existing client policies - cover for the whole family

Today Asteron begins mailing more than 140,000 existing customers to notify them of automatic enhancements made to their policies - at no additional cost to the policyholder.

After the successful launch of Asteron Lifeguard™ in April this year, Asteron is now passing on a series of enhancements to existing policies. The enhancements are retrospectively effective from 1 May 2007, and include many new features such as:

  • Pregnancy Premium Waiver Benefit
  • $10,000 Premium-free Child Cover
  • Increased partial payments on TPD and Recovery
  • New in-built definitions
  • Guaranteed minimum increase now 5% pa
  • and a new Loyalty Rewards program.

“These significant enhancements go beyond just adding on a few new definitions,” said Jane Power, Head of Product and Marketing. "It is about making insurance accessible, affordable and relevant to the lives our customers and their families lead. We are pleased to be able to pass back benefits to more than 140,000 existing Asteron customers.

Asteron makes protecting the whole family more affordable with new $10,000 Premium-free Child Cover, and Pregnancy Premium Wavier Benefit.

“Pregnancy Premium Waiver Benefit on income protection policies is another market-leading benefit from Asteron. This will be passed back to many existing Asteron income protection customers,” Jane Power said.

Under the Pregnancy Premium Waiver Benefit, Asteron will waive six months' premiums - over the life of the policy - and the customer remains covered.

“The financial impact the impending arrival of a baby can have on a family is significant. Pregnancy Premium Waiver Benefit recognises this, while also ensuring the customer can maintain their full income protection cover at a time when insurance remains as important as ever,” Jane Power said.

With an emphasis on providing protection for the whole family, Asteron is also offering $10,000 Premium-free Child Cover to existing customers with an eligible Asteron lump sum policy. And the application form is just five simple, health check questions.

Asteron now rewards clients for maintaining their insurance cover

“Customers will now be eligible for our new loyalty rewards program, where we reward them for maintaining their all-important insurance with us. We increase the value of some of the in-built benefits within a customer’s policy the longer they hold their policy with Asteron,” said Jane Power.

“In years three and five, important benefits such as Partial Cancer Cover Benefit, Partial Recovery Benefit and Funeral Advancement Benefit will increase. And, even though this is a brand new benefit, we already recognise how long a customer has held their insurance policy with us, and will pass the appropriate loyalty reward benefit onto their policy/s”.

New Options and discounts available to existing policyholders

In addition to passing back these enhancements to existing policyholders, customers can, through their adviser, also apply to add new Asteron Options on top of their existing policies - Options such as Cancer Cover Option; Recovery Plus Option; and Needlestick Option.

Existing Asteron income protection clients who take out a new Asteron lump sum policy will also be eligible for a multiple policy discount.

More than 140,000 Asteron policyholders will receive a letter and colour brochure in the mail over the coming fortnight. The letters summarise the enhancements passed on to a customer’s policy, as well as their current loyalty rewards benefits.

Full details about the enhancements can be found on the Asteron website

Asteron encourages customers with any queries about their automatic enhancements, or wishing to increase their cover with a new Option, to contact their adviser or call Asteron Life Customer Service on 1800 221 727.

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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. To obtain a copy of our privacy statement, please contact us on 1800 221 727 or visit the following website to view or download the policy.

Asteron supports and adheres to 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. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email or visit

© Asteron Life & Superannuation Ltd ABN 87 073 979 530 (Asteron). Registered Office, Level 16, 363 George Street, Sydney NSW 2000

Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Suncorp Portfolio Services Limited ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 (SPSL or Trustee) is part of the Suncorp group of companies (Suncorp). SPSL is a related body corporate of Suncorp Group Limited ABN 66 145 290 124 and Suncorp-Metway Limited ABN 66 010 831 722 (Suncorp Bank) (Suncorp). This product is not a bank deposit or other bank liability of the Suncorp Bank. The obligations of the different entities of TAL and Suncorp are not guaranteed by other entities