Latest claims data released by Asteron Life support the argument that its Continuous Trauma Benefit can deliver value for many policy holders, says the insurer.
According to new Asteron Life claims statistics from 2021, 64% of trauma claims received and assessed were for cancer, highlighting – according to the insurer – the additional value that customers may access from adding a Continuous Trauma benefit to their policy.
Outlining her rationale, Asteron Life Executive Manager, Claire Sutton, says adding the Continuous Trauma benefit to Trauma Recovery Cover is becoming an increasingly relevant and useful option for New Zealanders:
“There’s absolutely value in customers having cover in place for future trauma events,” says Sutton, adding that cancer is the leading cause for trauma claims at Asteron Life, which accounts for more than half of all its trauma claims.
“What this means for customers with Asteron’s Continuous Trauma benefit is that three years after your claim, a new instance of the same (or a related) medical event will be covered again, provided it’s not a continuation or recurrence or spread of the original condition,” says Sutton, adding:
“In essence, customers with the Continuous Trauma benefit who go on to suffer another cancer that isn’t linked to their previous claim will still have cover in place.
…how many of us know someone that’s had cancer and then been impacted by a new instance of an unrelated medical event
“We all know someone that’s been impacted by cancer, but how many of us know someone that’s had cancer and then been impacted by a new instance of an unrelated medical event later down the line, like a stroke or a heart problem.”
Sutton says in this circumstance, cover is reinstated immediately for customers with Continuous Trauma, and the three-year stand down period would not apply:
“It’s these situations that really create value for Asteron Life’s customers who opt for the Continuous Trauma benefit,” she says.
Asteron Life’s data shows that in 2021 the average age for trauma claims was 55 and the youngest person to be paid a claim under an Asteron Life trauma benefit was 25 years old.
“This is not very old for people to already experience a trauma event in their lives and again reinforces the fact that customers may need to arrange cover that protects them against more than one trauma event in their lifetime,” says Sutton.