If you currently pay your premiums monthly, you may be eligible for a discount by changing to half-yearly or annual payments.

Some things you may want to think about:

• How you prefer to manage your finances. Can you afford to pay a larger amount annually or half-yearly in order to receive a discounted rate?
• Do smaller monthly payments (rather than half-yearly or annual) make it easier for you to manage your finances?
• Would a discounted premium rate paid annually work better for you?

Changing from monthly or quarterly payments to annual could reduce your premiums by up to 5%*.

When you started your policy, your health and smoker status may have led to certain loadings being applied to your cover, and higher premiums.

Some things you may want to think about:

• If your policy was issued with an additional medical loading, has your health improved since the start of your policy? You can ask us to review any medical loadings currently included on your policy. You will need to submit an application and complete our underwriting process for us to assess whether we are able to reduce any loadings.
• Have you quit smoking since taking out your policy and not smoked at all in the past 12 months? Let us know: that may have an impact on your premiums too.

If we approve a change to a non-smoking status it could reduce your premiums by up to 20%*.

High risk occupations (for example, operating heavy machinery or working at a construction site) often mean higher Total and Permanent Disablement (TPD) and Income Protection (IP) premiums.

Some things you may want to think about:

• Has your occupation changed to a significantly lower risk role? For example, have you changed from a blue collar or manual occupation to a white collar or office role? You will need to submit an application and complete our underwriting process for us to assess whether your occupation change could reduce your premiums*.
• Speak to your adviser about whether this is relevant and appropriate for you.

Your cover amount (also known as sum insured) affects how much you pay in premiums. Given your individual circumstances, if you no longer require your current level of cover, you may wish to reduce it and therefore reduce your premiums.

Some things you may want to think about:

• Have things in your life changed since you started your policy? For example, if you’re no longer paying school fees or a big mortgage, your financial needs may have changed.
• If you wish to increase your cover amount in the future it will be subject to underwriting and our approval.
• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.

As an example, reducing your cover amount by 10% could also reduce your premiums by around up to 10%*.

Each year, your cover amount may increase to keep up with inflation. Known as automatic indexation, it’s designed to reflect the increasing cost of living over time. As your cover amount increases with automatic indexation, your premiums will too.

Automatic indexation is optional: generally, you can choose to turn if off at any time (permanently or temporarily) if it’s currently applied to your policy and reduce your premiums.

Some things you may want to think about:

• Consider your individual circumstances and speak to your adviser about what your needs may be in the years ahead and whether your current benefit amount reflects those.

For example, declining a 7% automatic indexation increase could reduce your premiums by up to 7%*.

Many products provide an option to put your cover and premiums on hold for up to 12 months if you’re experiencing financial hardship, unemployment, or you’re on long-term leave from work*.

You should refer to your product terms or give us a call to see if this is available to you.

Some things you may want to think about:

• Even though suspending cover means you stop paying premiums, you are not covered and cannot make a claim for anything that occurs or symptoms that develop while your cover has been suspended. In addition, cover is not automatically restarted—you need to tell us in writing, otherwise your cover will cease.

There are a few ways you may be able to adjust your Income Protection policy if affordability is a concern.

Reducing your benefit period

Your benefit period refers to how long you’ll receive payments while unable to work due to injury or illness.

Some things you may want to think about:

• It’s important to note that if you do reduce your benefit period, you will not be able to increase your benefit period again in future, i.e. you will not be able to reverse this change.

Changing your benefit period from to age 65 to 5 years could reduce your premiums by up to 35%*.

Increasing your waiting period

Your waiting period refers to the period of time after you experience an injury or illness before we’ll pay a claim.

Some things you may want to think about:

• It’s important to note that if you increase your waiting period, and later decide that you want to reduce your waiting period again, this will be subject to underwriting and our acceptance.

Increasing your waiting period from 30 to 60 days could reduce your premiums by up to 6%, or up to 35% if you increase it from 30 to 90 days*.

Switching from Agreed Value to Indemnity cover

Agreed Value means the benefit amount is set at the start of your policy, while the benefit amount for Indemnity policies are based on your income at the time of claim and typically have lower premiums.

Some things you may want to think about:

• Agreed Value policies are no longer available to new customers.
• It’s important to note that if you change from Agreed Value to Indemnity cover, you will not be able to change back to Agreed Value.

Switching from Agreed Value to Indemnity could reduce your premiums by up to 15%*.

Consider downgrading from Income Protection Plus to Income Protection (available for Asteron Life Complete policyholders with stepped premium only)

Consider whether the benefits and options available under Income Protection Plus are still suitable for you needs, or whether the less comprehensive Income Protection product is appropriate for you.

Some things you may want to think about:

• If you change from Income Protection Plus to Income Protection, you will not be able to change back to Income Protection Plus in the future.
• Speak to your adviser about what options are available on your IP policy and whether these options are suitable for you in light of your individual circumstances.

Downgrading from Income Protection Plus could reduce your premiums by up to 15%*.

Total and Permanent Disability insurance (TPD) typically includes either:

• An ‘Any Occupation’ definition, which generally means you can make a claim if you’re permanently disabled and unable to work in any occupation that suits your education and training; or
• An ‘Own Occupation’ definition, which generally means you can make a claim if you’re permanently disabled and unable to work in your own usual occupation, which usually has higher premium rates.

Some things you may want to think about:

• It’s important to note that if you change from Own to Any Occupation, and later decide to change back to Own Occupation, this will be subject to underwriting and our acceptance.
• Speak to your adviser about which TPD definition currently applies to your policy and whether that’s still the best fit for you and your family.

Changing from Own to an Any Occupation definition could reduce your premiums by up to 28%*.