When you made the decision to buy life insurance, you did so to financially protect something very important to you – like your family, your income and your lifestyle.
It was a smart decision for your future. Every year you continue your cover with Asteron Life is another year you can enjoy the security your insurance provides.
You stay in control of your financial future
Asteron Life Complete and Asteron Lifeguard give you the option to choose a comprehensive cover that may not be available through a superannuation fund, or a direct-to-customer life insurance product. Cancelling your Asteron Life insurance means you could be losing a valuable safety net. Even if you have some default cover inside super, this may not be accessible or provide enough cover to meet your needs at claim time.
Without comprehensive protection, you could be relying on your savings or, dipping into your superannuation if something goes wrong – which could seriously impact your lifestyle. For some people it might even mean asking family members or friends for help, which may put them in a difficult position financially and emotionally.
At Asteron Life cover is renewed every year until your policy expires, as long as you pay your premium.
You don't need to be re-assessed
When you started your policy, your age, medical history, lifestyle and occupation were taken into consideration to calculate your premium and offer you cover. If you cancel your policy and re-apply for life insurance at a later date, either with Asteron Life or another insurer, you may not be able to obtain the same level of cover for the same price, especially if your health has changed.
Note: If you're considering switching insurer you need to be aware that some life insurance products may advertise there are no medical checks or assessments required at the time of application. This means there’s a blanket exclusion for all pre-existing medical conditions, which can leave you unprotected at claim time. You should always read the Product Disclosure Statement (PDS) and talk to your adviser so you know exactly what you are covered for.
You can be confident when claiming
We paid $379 million in claims in 2016, and our claims-handling procedures are market leading – as voted by over 1,000 financial advisers*. If you ever need to make a claim, our efficient and compassionate claims advisors help ensure claims are processed as quickly as possible.
*Adviser Ratings Adviser Sentiment Life Insurance Report 2016
Increasing your cover without additional medical checks
Your policy comes with a ‘Guaranteed Future Insurability’ benefit. That means you may be able to increase your cover, without providing any further medical information, if you experience an ‘Increase Event’.
‘Increase Event(s)’ include getting married, giving birth to or adopting a child, increasing your salary or becoming a carer for the first time. For a full list of ‘Increase Event(s)’ please read the Asteron Life Complete PDS available at www.asteronlife.com.au or refer to your Asteron Lifeguard policy.
Ways to help with affordability
If you’re concerned about the cost of your policy, you may wish to seek advice from your financial adviser about adjusting premium structures and/or level of cover to reduce the impact to your household cash-flow. For example:
- Stepped premiums can be cheaper initially but will increase every year. If you currently have stepped premiums, you may be able to change to Level premiums. Level premiums are generally more expensive to begin with, but they stay more regular over time – giving you a more consistent premium cost over the life of the policy. Asteron Life also offer a mixed premium structure for greater flexibility.
- Generally, adjusting your level of coverage may help with affordability and still provide some protection for unforeseen events that life can bring. For instance:
- reducing the sum insured, monthly benefit or removing optional benefits
- for Income Protection policies, increasing the waiting period or decreasing the benefit period.
However, reducing both level of coverage or the number of events covered at claim time does not provide the same level of cover and should always consult with your financial adviser to make sure cover meets your insurance needs entirely.
Using the flexible features of your policy
Your policy comes with a number of features designed to make it more affordable during periods of financial pressure. These include:
- Pregnancy Waiver - We’ll waive your premiums for up to 6 months if you become pregnant while your policy is in force.
- Unemployment Benefit - We’ll waive your premiums for up to 6 months if you become involuntarily unemployed while your policy is in force.
- Premium Cover Suspension - You can apply to suspend your premiums and cover for up to 12 months if you experience financial hardship, are unemployed, or are on sabbatical, maternity, paternity or long-term leave from work.
For full details please read the Asteron Life Complete PDS available at www.asteronlife.com.au or refer to your Asteron Lifeguard policy.
Have your details changed?
It’s a good idea to keep your contact details up-to-date so we can easily get in touch with you.
If you’ve moved home, changed email address or changed banking details (if you pay your premiums by credit card or direct debit), please update your details by calling 1800 221 727 or emailing email@example.com
We're here to help
If you have any questions about your life insurance cover, please talk to your financial adviser or call Asteron Life on 1800 221 727.
The information is current as of 22 February 2017 but may be subject to change. It is intended to be used as a guide only and provide general information only and has been prepared without taking into account any persons individual objectives, financial situation or needs. A person should consider the appropriateness of the advice, their Product Disclosure Statement (PDS) for Asteron Lifeguard (Lifeguard), current Lifeguard policy terms including any upgrades, for Asteron Life Complete (ALC) consider the ALC Product disclosure statement and SPDS available at asteronlife.com.au or from their adviser, and speak to their adviser before making any decision continuing to hold, acquire or act on Lifeguard or ALC. Lifeguard and ALC are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFS Licence No 229880, with the exception of an interest in the Suncorp Master Trust ABN 98 350 952 022 RSE Fund Registration No R1056655 SFN 1400 429 47 which is issued by Suncorp Portfolio Services Limited ABN 61 063 427 958 AFS Licence No 237905 RSE Licence No L0002059 who will hold the policy on your behalf, as a member of the Fund.