Asteron Life is updating its Trauma policy definitions for seven conditions, with several changes based on client feedback.
Robyn Bartlett, Product Manager at the insurer, says the firm heard from a customer who made a claim for a cerebral aneurysm, but was only entitled to a partial payment rather than full benefit.
The client’s adviser, Royden Shotter of Echelon Advisers, worked with Asteron Life on the issue and suggested policy wording changes.
Bartlett says the client’s experience was a compelling basis for the firm to review how it approached aneurysms, and make changes to the product.
Policy conditions being updated by the firm will apply to:
- Aneurysm
- Terminal illness
- Stroke
- Peripheral neuropathy
- Early stage cancer
- Major organ transplant
- Coma
“We listened to feedback and worked with our reinsurers to update our cover to ensure a good outcome for customers who experience similar events in the future,” says Bartlett.
She says the key to creating Trauma cover that provides value to customers is to ensure the product is based on genuine, widespread need, “…while ensuring cover remained affordable and as accessible as possible”.
The change to the definitions will be applied to in-force policies sold since 2004 and will take effect at the end of September.