Asteron Life has released a raft of new product enhancements across its Trauma Cover.
Asteron Life Manager – Platforms and Product, Robyn Bartlett, says the enhancements intend to increase claim-ability and flexibility for its customers.
The new enhancements, effective 3 September 2018, include:
- Continuous Trauma Benefit, optional on its Stand Alone Trauma Recovery cover
- 24-month Terminal Illness Support Benefit, optional on its Life Cover and replacing the current Terminal Illness booster benefit. Paid in addition to Life Cover, leaving Life Cover intact for its intended purpose.
- New Parent Premium Waiver, replacing its previous Pregnancy premium waiver, waives premiums for up to six months, while continuing cover, for an insured person who is taking long-term parental leave to care for a new child.
- Increased free Kids Cover from $10,000 per child to $50,000
Commenting on the new Continuous Trauma benefit, Bartlett said, “…it immediately reinstates so customers don’t have to think about reinstating it 12 months down the track, and it also gives them peace of mind that there’s immediate cover for anything unrelated.
“We find that customers genuinely appreciate the value of a trauma policy once they’ve claimed on it, and the question is always ‘how do I get more?’,” she explained, noting that it’s difficult after making a trauma claim for customers to take out a new trauma policy.
“Continuous Trauma gives an upfront option so that down the track our customers will remain covered, even after they will have made that claim,” said Bartlett.
“It’s about increasing claim-ability and therefore making a product, which in a lot of people’s minds in its base form is a one-and-done cover, much more robust so it’s there long-term and will remain relevant.”
Commenting on the new parent premium waiver, which applies for both biological and adopted children, Bartlett said this benefit was changed to reflect changing family dynamics.
“It’s not always the Mum that takes time off and is the primary carer. It’s really changing it from being a female focussed benefit to a parent-focussed benefit,” she said.
Further features of the continuous trauma benefit include:
- Continuous trauma reinstates immediately after any trauma claim payment – there’s no 12-month stand-down or need to re-apply
- For the first three years following reinstatement, cover is for unrelated Trauma events only
- After three years, all trauma events will be covered again as long as they are not a recurrence, continuation or spread of the previous claim
- Heart conditions and strokes will be covered again three years after they are first claimed on regardless if they are a recurrence, continuation or spread of the original condition
- It can be used for up to three full trauma claims (including on a total and permanent disablement claim)
Other adjustments to Trauma Cover include:
- Enhanced flexibility of the Major Trauma benefit to give customers more flexibility in the sum insured they set.
- The addition of ‘Aneurysms’ to the Early Trauma benefit, which pays 20% of the Trauma Recovery sum insured, up to $100,000.
- Updated Trauma Recovery Benefit definitions:
- New Stroke definition – the industry standard definition of Stroke is not aligned to New Zealand clinical practices and Asteron Life has worked hard with NZ medical experts to rectify this
- Relaxed Muscular Dystrophy definition
- Relaxed Parkinson’s definition