Complete or customised: The choice is yours
Asteron Life Complete has earned a reputation as one of the most comprehensive life insurance offers in the market. Our products have the flexibility and the coverage that give your adviser options to tailor cover to suit you – whether you choose to pay for your insurance via your superannuation fund, structure your cover outside of super, or a combination of both. Types of cover offered via Asteron Life Complete include:
Life Cover can help ensure your family is looked after by paying a lump sum in the event of your death or diagnosis of a terminal illness*.
TPD Cover can help ease the financial pressure on you and your family by providing a lump sum payment in the event that you’re totally and permanently disabled*, and are unable to return to work.
Trauma Cover pays you a lump sum payment if you’re diagnosed with a serious medical condition*. You can use the payment to help with the cost of your medical treatments, and for everyday expenses like your mortgage or rent so you can concentrate on getting better.
Income Protection Cover is designed to replace up to 80% of your monthly income if you’re unable to work due to sickness or injury*—making sure bills and expenses can still be paid while you’re recuperating.
Business Expenses Cover can help you pay for fixed business expenses like utility bills or rent by providing a monthly benefit if you’re unable to work due to sickness or injury*.
Like Trauma cover for adults, Child Cover can help families if a child becomes seriously ill. Child Cover is available for a list of defined events including serious medical conditions*, and can be used to pay for medical treatments, or give you the financial means to take time off work to be by your child’s side.
*Please refer to the terms and definitions in the Asteron Life Complete Product Disclosure Statement and Policy Document.
Some features of our insurance offer include:.
Flexibility to structure the frequency of your insurance payments
We know that our customers prefer to pay for their life insurance annually when they pay for it through their superannuation fund. However, monthly payments are preferred, when insurance is bought outside of superannuation.# Whatever payment frequency you choose, your adviser can easily provide you with a quote for both these payment frequencies in the one document, to help you decide what combination works best for you.
#According to Asteron Life inforce policy data as at October 2015, 74% of inforce ordinary polices are paid with a monthly frequency, whereas 86% of super polices are paid annually.
15% rollover premium discount from day 1
Available on all new Asteron Life Complete policies funded via a partial rollover from your superannuation fund via the Pay By Any Super Fund payment method^
This discount is available as an upfront discount to the premium in year 1 and each billing year thereafter.
For example, if your year 1 premium is $2,000, the amount payable by you in year 1 would reduce by $300 (15% x $2,000) to $1,700.
This means you can access lower premiums straight away, making insurance through super an even more affordable option.
^ Before opting for a flexible payment method, a person should consider: any fees payable to their superannuation fund (e.g. for exit or withdrawal), where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to their investments and tax position.
Split Income Protection Option and Split TPD
You can split the ownership of your income protection cover or Split TPD over two separate policies when applying for new policies – one held inside super and one held outside super. This allows you to structure your cover and premiums under both superannuation and non-superannuation environments. Under this option two policies are issued where:
- One policy is owned by the trustee of the Suncorp Master Trust (SMT) or a self-managed superannuation fund. Any benefits paid under this policy are paid to the relevant trustee of super fund and will be subject to superannuation law; and
- A second non-superannuation policy is issued to you (i.e. the life insured) and linked to the policy issued through superannuation. Benefits that are not payable through super due to not meeting a superannuation condition of release are paid for directly to you.
What are the benefits?
- Breadth of Cover – You can apply for Income Protection benefits not available in superannuation such as Agreed Value, the Crisis Benefit and Specific Injury Benefit or Own Occupation TPD but still benefit from insurance through a superannuation strategy recommended by your adviser.
- Affordability - Splitting your cover helps you deal with affordability and cash flow issues, as premiums can be partially paid using superannuation money. Your adviser can provide more information about this.
- Flexibility – With the Split Income Protection Option, you have the ability to cancel your policy owned outside of superannuation without affecting your superannuation owned policy.
Mixed premium type available
Available on all Asteron Life Complete policies
You can choose to split your premium by applying for any mix of stepped or level rates. We allow both premium types to be issued, in any combination, on one policy.
Our policies are issued with either Stepped or Level premium types, or a mix of both:
- Stepped premiums increase each anniversary with the age of the life insured as well as other factors. Stepped premiums are cheaper than level premiums initially but become more expensive than level premiums later in the life of a policy.
- Level premiums are calculated based on your age at the start of the cover and generally do not increase as a result of the age of the life insured. If there’s an increase in the amount you’re insured for, we’ll increase the policy premium and notify you.
These choices are available up to a certain age. More information can be found in the PDS.
Mixed premiums have the benefit of lower initial premiums than Level premiums, or lower premiums at later ages than Stepped premiums. E.g. The example below illustrates a Mixed Premium for a 35 Year old male applying for $200,000 Life Cover*. The mix is 60% Level premium and 40% Stepped premium.
*The Mixed Premium Graph is for illustrative purposes only. It is important to note that any applicable minimum premium amounts, policy fees, stamp duty, premium loadings and indexation are not demonstrated. Some optional benefits and discounts are not demonstrated. These are factors which may impact on your premium rate and as such changes to your premium rates may differ from the illustration. For more information please refer to your adviser.
Income Protection – choose your benefits
A flexible structure for Income Protection and Income Protection Plus
Our Income Protection cover offered via Asteron Life Complete allows you to choose the benefits you want
Income Protection Plus Cover is our comprehensive Income Protection offer. Whereas, Income Protection Cover allows more benefits to be tailored and added for an additional cost. Some key optional benefits are highlighted below:
The Specific Injury Benefit pays the Totally Disabled Benefit for a specified payment period if you suffer one of a list of specified injuries.
The Crisis Benefit pays the Totally Disabled Benefit for up to 6 months if you suffer a specified medical event.
The events covered include, but are not limited to, Cancer, Heart Attack, Coma and Major Head Trauma. For a full list of events and their relevant definitions, please refer to the Asteron Life Complete Product Disclosure Statement.
You can apply for this benefit when taking out an Income Protection cover policy. If you have an Income Protection Plus policy, this feature is already built in at no additional cost.
Extras Package Option
The Extras Package Option includes a range of benefits which can be added on to Income Protection:
- Overseas Assist Benefit
- Accommodation Benefit
- Bed Confinement Benefit
- Family Assist Benefit
- Transportation Benefit
- Childcare Reimbursement Benefit
- Unemployment Benefit
The package of benefits must be taken together. If you have an Income Protection Plus policy, these features are built in at no additional cost.
For more information, talk to your financial adviser.
The Booster Option pays you either:
- an additional 1/3 of the monthly benefit otherwise payable for a specified period of time if an Income Protection benefit is payable; or
- an additional 1/3 of the Crisis Benefit for a specified period if you have selected, and are eligible to claim on the Crisis Benefit.
What are the benefits?
- Flexibility - You can choose the benefits that best suit your circumstances, with the ability to add or remove benefits as your needs change.
- Great coverage – Our Income Protection Plus offer provides you with our most comprehensive cover. If you have Income Protection cover, you can access extra benefits for an additional cost.
- Affordability - Unbundling benefits is a good way of reducing your premium if affordability is an issue.
This information is current as at November 2015 but is subject to change. It is provided as a brief overview for customer use and has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on the information, all persons should consider the appropriateness of this advice having regard to their own objectives, financial situation and needs. Insurance cover referred to in this document form part of the Asteron Life Complete product. Persons should obtain, read and consider the Asteron Life Complete Product Disclosure Statement (PDS), or contact 1800 221 727 or speak to their financial adviser, before making a decision whether to acquire or continue to hold a product.
Asteron Life Complete is issued by Suncorp Life & Superannuation Limited 87 073 979 530 AFSL 229880 (SLSL) and Suncorp Portfolio Services Limited ABN 61 063 427 958 AFSL 237905 RSE License No L0002059 (SPSL). SLSL and SPSL are related bodies corporate of Suncorp Group Limited ABN 66 145 290 124 (Suncorp Group). The obligations of SLSL and SPSL are not guaranteed by any other company in the Suncorp Group. This product is not a bank deposit or other bank liability of Suncorp.