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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.

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.

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.

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.

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Your Questions about Asteron Life Answered

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.

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.

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