At Asteron Life, we sell our life insurance products through financial advisers. That’s because we think people should seek advice about something so important.
Once your financial adviser has worked with you to understand your individual needs, they will recommend a strategy which includes:
To apply for your cover, you and your adviser then complete the application form - this can be an online application, or a traditional paper application. Your adviser will also help you through the underwriting process, by liaising with the insurer where required.
Most insurers today have online application forms. Asteron Life’s electronic application solution is an intelligent system that underwrites your application as you and your adviser answer the questions. It can often give you a decision about your cover on the spot.
Underwriting is the term insurers use to describe the process of assessing risk. It’s a process that takes place when you submit your application - and it generally doesn’t take long.
To underwrite a policy we rely on information from a range of sources, including the medical and financial information that you supply on your application form.
Underwriting an application aims to ensure that the cost of cover is appropriate for the risks faced by the person being insured.
Take smoking for example. We all know that smokers face higher risks of lung cancer and heart attack. So it makes sense then that smokers should pay a higher premium than non-smokers. Underwriting aims to ensure that the cost of cover is fair and equitable for everyone - so people with the same or similar risk pay the same or similar premium rates.
All Asteron Life applications are underwritten - either by our electronic application or by our dedicated and specialist Underwriters.
Depending on the amount of cover you apply for, and the types of cover you apply for, you may need a medical report or some tests. The results of these tests help us to underwrite your policy.
As an example, if you're under the age of 45, you can generally apply for up to $2.5 million of Life Cover and TPD Cover and $1 million of Trauma Cover, without the need for medical tests.
Asteron Life can help you get in touch with a qualified financial adviser near you. Call us on
1800 221 727.
This is general advice and does not take into account your objectives, financial situation or needs. Before acting on this general advice you should consider the Product Disclosure Statement and the appropriateness of the advice having regard to your situation and consult your financial adviser.
© Suncorp Life & Superannuation Limited 2012