Asteron Life has changed the expiry ages for Trauma Recovery Cover, as part of a suite of product enhancements released this week.
For its standalone and accelerated benefits, the expiry age is lifting from 70 to 85. Some other benefits including its Continuous Trauma and Trauma Reinstatement benefit will lift to age 75.
Robyn Bartlett, Product Manager at Asteron Life, says the firm has listened to advisers who want to offer their clients more choice when it comes to insurance cover.
“Increasing the expiry ages of our Trauma recovery packages gives advisers and customers increased flexibility to put together insurance that will give them peace of mind in their unique circumstances,” says Bartlett.
The maximum entry age for Asteron Life Trauma cover will also be extended to age 70.
“Trauma cover is one of the most valuable products for our customers at claim time,” she says.
“As well as updating the entry and expiry ages, we have also made changes to the definitions for some conditions, including the updated cerebral aneurysm definition being a direct result of compelling customer feedback.”
Trauma cover is one of the most valuable products for our customers at claim time…
In 2018, Asteron Life released its Continuous trauma benefit, which it says is the only benefit of its kind in the market in New Zealand. It is an optional benefit which gives customers Trauma cover that they can claim on up to three times for unrelated events, even immediately after they have made a claim.
“With things like Continuous Trauma and our latest enhancements, we’re working to create a robust Trauma that will give customers peace of mind over the long term, and improve the ability of customers to make a claim when they need to,” says Bartlett.
The changes to the expiry age take effect this week, and existing Trauma policyholders’ expiry ages will be automatically extended.
As well as changes to its Trauma product, Asteron Life has released a number of other product enhancements including:
- Adding premium holiday benefit and premium and cover suspension to business insurance policies
- Adding a new lump sum specific injury benefit
- Making changes to its Major Trauma ratios
- Changing the definitions for seven conditions in its Trauma policies for new and existing customers back to 2004
- Updating policy wordings for various benefits including grief support and financial planning
See our story: Trauma Cover Updated.