Asteron has started 2012 with a number of significant changes to better compete within the Australian Life Insurance market. 2012 saw Asteron change their brand name and logo to with affect to their ongoing life insurance operations. The name and logo change was in anticipation for the launch of their new life insurance product, ‘Asteron Life Complete,’ the biggest change to their life insurance product offering in over 7 years and the replacement to their existing Lifeguard Series.
Asteron Life’s new product ‘Life Complete,’ is a fairly significant change to their life insurance and income protection offer compared to their existing series.
The new product series is due to launch March 5, which will also see the closure of Lifeguard to new business, with pending applications accepted until the end of April 2012. Asteron Life Complete sees a number of changes, with the focus on simplification of life insurance and income protection products. Some improvements have also been made to their definition of ‘Heart Attack’ and ‘Breast Cancer’ under Trauma Insurance products.
Some major features and changes of the new Asteron Life Complete product include;
- Launch of an ‘Accident Only’ Income Protection Policy
- Reduction in the number of Income Protection policies offered from 3 to 2
- Change in the name of their Critical Illness and TPD Insurance policies from ‘Recovery Package’ to simply TPD Insurance and Trauma Insurance
- Improvements in definitions to Breast Cancer and Heart Attack under their new Life Complete Trauma policies, with both definitions now receiving an ‘A’ rating from IRESS Research1
- Improvements in definitions offered under Income Protection with claims benefit indexation offered as standard feature.
- Addition of a ‘Healthy Life’ option, offering a 10% discount on the life of the policy based on additional lifestyle questions.
- Medical Professions receive built in ‘needlestick cover’ of 50x monthly benefit (max $1m) on Income Protection
Asteron Life Complete will be repriced and the new Income Protection policies are offered at a significant discount to some occupations and segmentations compared to the existing Lifeguard policies. Importantly, Asteron Life has maintained their relationship with Colonial First State and Life Complete policies can still be paid via a rollover from CFS FirstChoice accounts for policies held under superannuation.
A notable (and unique) addition the transition to a new product offering is the ability for any person currently insured under the Asteron Lifeguard series to upgrade their policies to the new Asteron Life Complete series without medical underwriting. This offer is valid for 12 months. As there are differences in the products, personalised advice is paramount to ensure that any policy benefit changes are considered.