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Asteron Income Protection Insurance
Income protection replaces part of your income if you’re unable to work due to sickness or injury. It’s designed to offer peace of mind, with the knowledge that you and your family are financially protected should the unexpected happen.
Asteron Life – a specialist life insurance company – offers a range of income protection products1 designed to provide people with an affordable and comprehensive income protection insurance policy.
In this article, we’ll provide a review of Asteron Income Protection to help you decide whether income protection from Asteron is the best choice for your needs. We’ll look at how Asteron Income Protection Insurance works, the benefits of taking out cover with Asteron and how you can purchase Asteron income protection insurance.
Who is Asteron Life?
Asteron Life has been a specialist provider of life insurance products and services for over 180 years2. Today, Asteron is part of the Suncorp Network, which has $97 billion in assets and over 9 million customers2.
What income protection options does Asteron provide?
Asteron offers three different levels of income protection insurance as part of its Asteron Life Complete product suite3:
Income Protection Plus Cover
This is the most comprehensive income protection cover offered by Asteron. It pays a monthly benefit if you’re disabled and unable to work due to sickness or injury1, and comes with additional benefits – such as Unemployment Benefit, Child Care Reimbursement Benefit and Crisis Benefit.
Income Protection Cover:
This level of cover is suitable for a wide range of people and pays a monthly benefit if you’re disabled and unable to work due to sickness or injury1. Income Protection Cover is also available through super.
Income Protection – Accident Only Cover:
This basic level of cover pays a monthly benefit if you’re disabled and unable to work due to accidental injury only1.
What makes Asteron Income Protection Insurance different?
When comparing income protection insurance providers, you’ll want to know what kind of benefits and incentives are offered by each one. All Asteron Income Protection Insurance covers come with a range of built-in benefits, which include4:
- Ability to suspend your premiums and cover for up to 12 months if you experience financial hardship, are unemployed, or are on maternity/paternity leave from work
- The ability to have your premiums waived for up to 6 months if you become pregnant while your policy is active
- You can reduce your waiting period if your existing insurance from either your employer or superannuation no longer applies
- You can temporarily reduce your premium by temporarily extending your waiting period
What other benefits are offered by an Asteron Income Protection Insurance policy?
When you take out an income protection insurance policy with Asteron, you can choose to customise your cover by adding optional extras1. These optional benefits include:
- Booster Option: Increase your Income Protection payments by 1/3 at claim time for the first three months
- Day 1 Accident Option: If you suffer a serious accident, receive your total monthly benefit during the waiting period
- SuperSaver Option: Insure up to 80% of your income
- Child Cover Option: Insure your child against certain medical conditions, including cancer and meningitis
If you select the basic Income Protection Cover, you can create a more comprehensive insurance policy by adding the optional extras most likely to benefit you.
What are the waiting and benefit periods with Asteron Income Protection Insurance cover?
The waiting period is the period of time that must elapse before Asteron will pay a claim. Payments are made monthly in arrears at the end of the waiting period4, e.g. if your waiting period is 30 days, you’ll receive your first payment after 60 days.
When you apply for cover, you can choose from the following waiting periods4:
- 14 days*
- 30 days
- 60 days
- 90 days
- 1 year; or
- 2 years
*The 14-day waiting period isn’t available if you take out Income Protection Cover Super, or if your occupation is in class C or S. Check the Asteron Life Complete Product Disclosure Statement (PDS) for more information4.
The benefit period is the maximum period of time that Asteron will pay a benefit while you’re disabled. You can choose a benefit period of 2 years, 5 years, to age 65, or to age 704.
Here are a few additional points to consider when it comes to selecting a benefit period4:
- Eligibility for benefit periods also depends on your occupation class (conditions may apply)
- Benefit period to age 70 is not available for Accident Only Cover
- The following conditions apply to benefit period to age 70:
- Certain benefits and options aren’t payable after age 65
- For claims after age 65, assessment will be based solely on an indemnity basis
To learn more about waiting and benefit periods, check the Asteron Life Complete PDS4.
How do I take out Asteron income protection insurance?
An iSelect team member can help you compare providers and policies, and purchase an Asteron Income Protection cover if it meets your needs. Call us today on 13 19 20 to speak with one of our qualified advisors, or compare online today.
All Asteron Income Protection Insurance information can be found on the Asteron Life website.
iSelect does not compare all products in the market. Not all products are available at all times.
iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice we give you, having regard to your personal situation, before acting on our advice or purchasing any product. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. We receive commission for each product sold.