Asteron Life closed to new customers

On February 2019, Suncorp’s Australian life insurance business, Asteron Life, was sold to TAL. As part of the restructuring process, Asteron retail products will no longer be sold to new customers from the 1st of July 2019. However, existing Asteron customers policies will remain as is. If you’d like to update or change your Asteron Life policy, contact TAL.

Compare Life Insurance Quotes

Free Online Comparison Free Online Comparison
Lowest Price Guarantee Lowest Price Guarantee*
No Hidden Fees No Hidden Fees
Calculating your quotes
Your online insurance quote will be ready in just a few seconds.

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.
As of 28 February 2019, Asteron life was sold by Suncorp Group Limited to TAL Dai-chi Life Australia (TAL). TAL will continue to manage current Asteron life policies and will also be able to sell life insurance through Suncorp’s distribution network.
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 sold its Australian life business to TAL Dai-Ichi Life. The sale was completed on the 28th of February 2019.

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. As part of the insurance sale, Suncorp has signed 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.

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.

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
3.9
Features & Benefits
3.8
Customer Service
4.1

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).
Your Information
By submitting a review you are confirming that you have had, or currently have an insurance product with this insurer. You also accepted and acknowledge our review posting guidelines.
gartemi
0.6 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance, Income Protection, TPD Insurance - 0 to 1 year
Appauling service by Asteron Life! I was approved for Life & TPD Insurance as well as Income Protection so I was considering if I wanted to go ahead with their offer. Before I even made the decision and before I received the underwriting notes in the mail to confirm everything was correct, Asteron Life had taken the annual fee from my super account without my consent! I hadn't even provided Asteron with my TFN or super details so how did they steal my super money? Be wary before you go ahead as there are no security measures in place. I am still waiting on my super money to be returned and it's been a week (they advised it would be 2 business days). Thanks for making my decision an easy one, Asteron. I will not be doing business with you.
2018 Oct 19 Fri, 07:28:01
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

Ask an Expert?

2 Comments

  • Marcia |

    Been receiving TPD 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?

    • SPECIALIST
      Anneke |

      Hi Marcia,

      TPD payments are generally made as a lump sum. If you’re receiving monthly benefits, please check if you might not be referring to income protection. However, in either case, it is worthwhile seeking legal advice.

Share This