Complete - Healthy Life Option
Life Insurance
Illnesses Covered
Accidents Covered
Terminal Illness Benefit
Funeral Advancement
Child Cover
Standard Exclusions
Expiry Age
Illnesses Covered
tick
Accidents Covered
tick
Terminal Illness Benefit
tick
Up to sum insured
Funeral Advancement
tick
Lessor of $20,000 or 25% of sum insured (Accidental Death only for the first 3 years)
Child Cover
tick
Free up to $10,000 (Entry age 2 - 20)
Standard Exclusions
Suicide within the first 13 months
Expiry Age
99
Illnesses Covered
tick
Accidents Covered
tick
Terminal Illness Benefit
tick
Up to sum insured
Funeral Advancement
tick
Lessor of $20,000 or 25% of sum insured (Accidental Death only for the first 3 years)
Child Cover
tick
Free up to $10,000 (Entry age 2 - 20)
Standard Exclusions
Suicide within the first 13 months
Expiry Age
99
TPD Insurance
Accidents Covered
Illnesses Covered
Partial Benefit Payable for the Loss of One Limb or One Eye
Life Insurance Buy Back
Minimum Qualification Period
Standard Exclusions
Guaranteed Renewal Age
Expiry Age
Accidents Covered
tick
Illnesses Covered
tick
Partial Benefit Payable for the Loss of One Limb or One Eye
tick
Lessor of 25% of sum insured or $500,000
Life Insurance Buy Back
tick
Free when TPD is linked to Life Insurance
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted injury
Guaranteed Renewal Age
74
Expiry Age
99
Accidents Covered
tick
Illnesses Covered
tick
Partial Benefit Payable for the Loss of One Limb or One Eye
tick
Lessor of 25% of sum insured or $500,000
Life Insurance Buy Back
tick
Free when TPD is linked to Life Insurance
Minimum Qualification Period
3 months
Standard Exclusions
Intentional self-inflicted injury
Guaranteed Renewal Age
74
Expiry Age
99
Trauma Insurance
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
Trauma Reinstatement
Is this a Basic, Standard or Plus Policy
Qualifying Period
Standard Exclusions
Guaranteed Renewable Age
Expiry Age
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
tick
Free when Trauma is linked to Life Insurance
Trauma Reinstatement
dollar
Option at additional cost
Is this a Basic, Standard or Plus Policy
Standard
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
74
Expiry Age
74
Number of Traumatic Conditions Covered (including partial)
Number of Partial Traumatic Conditions Included
Maximum Pay Out for a Partial Conditions
Life Insurance Buy Back
tick
Free when Trauma is linked to Life Insurance
Trauma Reinstatement
dollar
Option at additional cost
Is this a Basic, Standard or Plus Policy
Plus
Qualifying Period
Up to 90 days
Standard Exclusions
Any intentional self-inflicted act or any qualifying periods
Guaranteed Renewable Age
74
Expiry Age
74
Income Protection
Sicknesses Covered
Accidents Covered
Own Occupation Disablement Definition
Pre-Claims Earnings Calculation Period
Specified Injury Benefit
Trauma Insurance Benefit
Needle Stick Cover
Standard Exclusions
Sicknesses Covered
tick
Accidents Covered
tick
Own Occupation Disablement Definition
tick
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Specified Injury Benefit
dollar
Option at additional cost
Trauma Insurance Benefit
dollar
Option at additional cost
Needle Stick Cover
tick
50 x your monthly benefit (maximum of $1,000,000)
Standard Exclusions
Intentional self-inflicted act, your involvement in a criminal act, an act of war, uncomplicated pregnancy or childbirth
Sicknesses Covered
tick
Accidents Covered
tick
Own Occupation Disablement Definition
tick
Pre-Claims Earnings Calculation Period
The 12 consecutive months prior to total disablement
Specified Injury Benefit
dollar
Option at additional cost
Trauma Insurance Benefit
dollar
Option at additional cost
Needle Stick Cover
tick
50 x your monthly benefit (maximum of $1,000,000)
Standard Exclusions
Intentional self-inflicted act, your involvement in a criminal act, an act of war, uncomplicated pregnancy or childbirth
General
Worldwide Cover
Interim Cover
Cooling off Period
Annual Discount
Multiple Lives Discount
Multiple Cover Discount
Health Rewards Program
Premium Freeze
Standard Exclusions
Worldwide Cover
tick
Interim Cover
tick
Cooling off Period
30 Days
Annual Discount
tick
Multiple Lives Discount
cross
Multiple Cover Discount
tick
Included in displayed price (if applies)
Health Rewards Program
cross
Premium Freeze
tick
Only available for lump sum policies on a stepped premium
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.
Worldwide Cover
tick
Interim Cover
tick
Cooling off Period
30 Days
Annual Discount
tick
Multiple Lives Discount
cross
Multiple Cover Discount
tick
Included in displayed price (if applies)
Premium Freeze
tick
Only available for lump sum policies on a stepped premium
Standard Exclusions
Sicknesses or injuries that first appeared, happened or was diagnosed beofre your insurance started or was reinstated that have not been disclosed and accepted by the insurer. Non-disclosure (or inaccurate disclosure) can also void or affect your cover.

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About Asteron Life

Asteron is the oldest life insurance company in Australia and wrote their first life insurance policy in 1833, and shortly thereafter paid their first claim. They combine their extensive 175+ years of experience and knowledge in order to make insurance more accessible and easy to understand, giving customers the confidence to live life, knowing they’re protected.

Their focus is on preventing ill health through Asteron Healthy Life Discounts. They encourage members to lead healthier lives by providing them with immediate benefits, such as premium discounts.

Now known as Asteron Life, reinforcing their vision that life should be celebrated. Asteron Life insurance and the Asteron income protection covers generally provide good value and have a number of unique built in benefits such as free child cover under their life cover benefit as part of their Life Complete product. They also offer a range of insurance, superannuation and savings products, however has ceased offering new group life insurance policies. They’ve been given an A+ (Strong) insurer financial strength rating with a Stable outlook by Standard’s and Poor’s (as of July 2016). With such a good rating and the support of their parent company, Suncorp Group Limited, Asteron Life inspires trust.

YOUR QUESTIONS ABOUT ASTERON LIFE ANSWERED

About The Suncorp Group Limited

Suncorp was launched in 1996, when two Queensland Government owned businesses merged; Suncorp Insurance & Finance and QIDC, with ASX Listed Metway Bank.

Suncorp Group Limited is a Top 25 ASX listed company, specialising in finance, insurance, and banking. The group has 9 million customers and $94 billion in assets and employs over 13,500 people.

In 2007 Suncorp merged with the Promina Group, bringing together two successful financial services groups, lifting their total assets at the time to $84.9 billion across Australia and New Zealand.

Key Statistics

Asteron Life can assesses 80% of claims within 24 hours and in 2011 paid more than $248 million in claims to around 3,200 customers. In 2014 that number increased to more than $309 million in total claims paid out to 3,574 customers.

They have a treaty reinsurance agreement with Munich Re, a risk management group with exceptional financial strength. In 2008 Asteron incorporated Munich Re’s Affinanz solution. This solution does away with paper forms, using comprehensive automation to improve company-wide productivity. Productivity gains were over $2 million, a 10 to 15 percent improvement in the company’s core function.

They also have access to a second reinsurer, RGA, whom they have a facultative arrangement with.

History of Asteron Life

1833

Alliance Assurance establishes Australia operations and issues first policy to Joseph Tice Gellibrand.

1837

First claim is paid out by Alliance Assurance.

1959

Sun Life merges with Alliance Australia to form Sun Alliance.

1992

Sun Alliance and Royal Insurance merge to form Royal & Sun Alliance.

2003

The Promina Group is formed after Royal & Sun Alliance divest Australia and New Zealand operations. Royal & Sun Alliance is rebranded to Asteron.

2007

The Promina Group is taken over by Suncorp Metway and Asteron becomes a part of the Suncorp Group.

2008

Asteron celebrates 175 years in Australia.

2011

Asteron rebrands as Asteron Life.

Asteron Life FAQ

Asteron is a life insurance specialist in Australia and New Zealand and is part of the Suncorp Group. Their products are designed to focus on the positive benefits life insurance provides customers, giving them freedom from the challenges life might throw at them.
Asteron is a wholly-owned subsidiary of Suncorp Group Limited, which acts as the parent company. Suncorp Group Limited is listed on the Australian Stock Exchange and is registered under section 21 of the Life Insurance Act 1995.
Royal and Sun Alliance merged and renamed the company Asteron Life Limited in 2004. In March 2007 Asteron became part of Suncorp, a leading Australian insurance company.
Asteron life is the oldest life insurance specialist in Australia, with over 175 years’.
The Asteron Healthy Life discount offers you up to 20% off your initial Life Cover. There are two discount options available to you.
  • Healthy Life Option: Provides you a 10% discount off premiums. You must be between 29 and 49 years of age and have a Body Mass Index (BMI) of 28 or below, as well as normal blood pressure and cholesterol to qualify for this option.
  • Healthy Plus Option: In order to qualify for the 20% premium discount you need adhere to the same criteria as the Health Life Option above and have a minimum sum insured of $250,000. A blood tests and QuickCeck will also be required.
Only when your occupational class is MP (Medical Professional) and you’re an established professional will Asteron’s Income Protection provide you with the free needlestick benefit provides up to 50 times your monthly benefit if you are diagnosed with occupationally acquired HIV, Hepatitis B or C. This benefit is subject to a maximum payment of $1,000,000 per life across all Asteron Life Complete policies.

Suncorp Limited has signed a non-binding Heads of Agreement with TAL Dai-Ichi Life Australian to sell its Asteron Life subsidiary business. The sale is said to be completed at the end of 2018, subject to the satisfaction of conditions, regulatory approvals and approval by all parties.

TAL will maintain the Asteron brand, and current policies will remain unchanged. The only real difference is that Asteron Life customers will be contacting TAL to change or cancel their policy, instead of Asteron Life. However, this will only come into effect after the sale is finalised.

The sale is due primarily to Suncorp wanting to simplify their business model and TAL expanding its market-leading presence in Australia by enhancing their scale and capabilities across retail, group and direct segments.

As part of the insurance sale, Suncorp will sign a 20-year agreement allowing TAL to sell its life insurance products through Suncorp’s distribution network, including its digital channels, contact centres and stores.

TAL is said to be committed to offering excellent value to current Asteron Life policyholders, striving to deliver superior customer service.

If you’d like to know more about Asteron Life insurance, Asteron income protection or their Life Complete product cover range, ask one of our consultants for assistance and they’ll get right back to you. Alternatively, feel free to use our comparison engine and decide for yourself.

Customer reviews are in no way affected by any commercial relationships Life Insurance Direct has with providers on the list. Reviewers may enter a competition with a chance to win a prize from Life Insurance Direct in exchange for their reviews. All reviewers who meet our review guidelines have equal chances of winning a prize regardless of whether they submitted positive or negative reviews.

Value for Money
4.3
Features & Benefits
4.3
Customer Service
4.5

Write a Review on Asteron Life

How would you rate this insurer for the following: (1 Star = poor, 5 Star = Excellent)
Please describe your overall experience with this insurer. i.e. what you liked, disliked and would you recommend this insurer to your family or friends. (Min 20 words).
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Hamdija
3.5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance, TPD Insurance - 0 to 1 year
It took a bit longer that I expected but overall experience is not bad.
2018 Feb 22 Thu, 10:16:03
Rhys
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 20+ years
They were able to help us and a very competitive price. They were prompt and professional to deal with.
2017 Oct 30 Mon, 18:53:15
Mike
3.1 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
As i've only just received this cover i cannot comment really. So far no issues apart from being denied income protection and tpd cover due to some medical issues.
2017 Sep 26 Tue, 11:11:00
Gurminder
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 1 to 5 years
Excellent features and extra covers with added peace of mind. Full security for me and my family and I proudly recommend AsteronLife to my friends and colleagues. Happy that I am being treated as a family member always as and when I have a question. I love the support team.
2017 Jul 31 Mon, 11:28:24
Manjula
4.9 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
EXCELLENT SERVICES. GREAT PRODUCT
2017 Jul 11 Tue, 11:12:58
Nadia
4.1 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Customer service was great. Easy and quick ...
2017 May 09 Tue, 10:04:34
Marie
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Leeana was wonderful, very helpful and patient. She makes everything so much easier for us. Working around our schedule...
2017 Apr 28 Fri, 12:12:32
Wenbin
4.1 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance, Income Protection - 0 to 1 year
Competitive pricing, thorough questions.
2017 Feb 24 Fri, 11:29:17

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1 Comment

  • Marcia |

    Been receiving T&PD benefits since 2003. Now an email saying they’ve overpaid me $24,000 and want it back!!! I’m aware that TAL is taking over Asteron. What can I do?

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