Attracting strong reader interest this week was news that Asteron Life has updated its personal and business insurance products, with the firm saying changes have been made on the back of customer and adviser feedback…

Asteron Life has updated its personal and business insurance products, with the firm’s Executive Manager Life Portfolio & New Business, Claire Sutton, saying changes have been made on the back of customer and adviser feedback.

Sutton says that as part of Asteron Life’s commitment to plain language, the following changes, all of which took effect from 25 March, have been made to the wording of policies.

Changes include:

  • A new definition for congenital conditions under kids cover has been added to help customers understand when this exclusion might apply
  • A number of terms have been clarified throughout the policies, including income update benefit and optional Terminal illness support benefit
Asteron Life's Executive Manager Life Portfolio & New Business, Claire Sutton
Claire Sutton

New/Enhanced built-in benefits include:

New Benefits

  1. Repatriation benefit on personal and business life cover
  2. Terminal specific condition advancement benefit on personal life cover
  3. Reduction in waiting period benefit on income protection and mortgage and living cover
  4. Cover conversion benefit on business disability cover and farmers disability cover

Enhancements

  1. Enhancements to the Funeral benefits on life cover, kids cover and business expenses
  2. Enhancements to two definitions for trauma recovery and 11 definitions for major trauma
  3. To align with income protection, the requirement for 14 days total disability as part of the waiting period has been removed from business disability cover, farmers disability cover and business expenses cover
  4. Added premium and cover suspension to the optional needlestick benefit
  5. Removal of some restrictions from various benefits such as specific injury support – lump sum and monthly, trauma reinstatement option and the crisis benefit within the optional immediate assist package

Policy changes are already in place and will be applied to applicable in-force policies sold since 2004. The insurer advises there is nothing customers or advisers need to do, with Sutton confirming the changes have not led to an increase in premiums.