Asteron Life has announced an increase to its free Kids Cover Benefit, from $10,000 to $50,000, is now available for its existing customers.
Asteron increased its free Kids Cover from $10,000 per child to $50,000 for new customers in September 2018.
The enhanced benefit is now being passed back to existing customers, so those customers who took out cover when the Kids Cover benefit was $10,000 will now receive $40,000 more cover at no extra cost.
The insurer confirmed the additional $40,000 is per child and will happen automatically for customers who previously had $10,000 free Kids Cover, making their new total $50,000 free cover.
It also noted for customers who purchased extra cover (at the rate of $1 per month per $10,000) an additional $40,000 will be automatically added on top of the sum insured, even if this puts them over the maximum $200,000 per child.
A maximum of nine children or grandchildren can be added to a policy, but each child needs an individual application.
Executive Manager, Life Distribution, Graham Hill, says the Kids Cover has been offered as a benefit since 2004.
“We know it gives customers a lot of peace of mind to know that we’ll be there to support them if one of their children suffers a serious illness or injury. We’ve increased the free benefit to address concerns from parents around medical costs or the cost of being off work to look after children,” he said.
“Kids cover can also be really valuable if children or parents want to convert it to adult cover when kids reach 21 – it provides a pathway for young people to get into their own policy with only limited underwriting.”