Asteron Life Review
Asteron Life is one of Australasia’s most significant and best-known A-rated insurance provider that’s been helping Kiwis get the most out of life since 1878. Asteron Life is a provider of life insurance policies that are only available through a financial adviser
Suncorp New Zealand owns Asteron Life New Zealand and as of 3rd Quarter, 2019 had 10.5% market share based on in-force premiums.
Asteron Life Claims Paid
Does the company pay claims?
According to the Asteron Life Limited financial report for the financial year ending 30 June 2018, the company paid $121.5M in claims to New Zealanders.
- Founded: 1878
- Policyholders: unknown
- A. M. Best: AA-
Asteron Life Insurance celebrates life with you
Everyone’s life is unique. It’s essential you get the insurance that’s tailored to you, rather than ill-fitting, off the shelf cover.
To get there, it helps to think about your big life goals, commitments and priorities. Talk to one of Lifecovered’s qualified advisors.
Asteron’s Life Insurance benefits include:
- Death benefit — a lump sum payment to your family or nominated beneficiaries if you die
- Terminal illness benefit — pays out a lump sum if you are diagnosed with a terminal illness. You might decide to use this money for your immediate care or do some extraordinary things with your family
- Funeral costs — the advance payment from your Life Cover pays for immediate expenses such as a funeral
- Financial planning — professional advice from an approved financial planner to help your family move forward
- Grief support
Other products on offer are:
- Trauma Cover — This insurance gives you a sum of money that can help you get through it
- Cancer Insurance — Pays a lump sum of money if you are diagnosed with most cancers
- Income Protection — protects a percentage of the money you usually earn.
- Workability Insurance — designed to help restore your ability to work, supporting you with monthly payments if you’re not eligible for ACC payments
- Mortgage & Rent Cover — regular monthly payments if you’re unable to work due to illness or injury. Payments not affected by any ACC support.
Group Insurance Benefits with Asteron Life
Asteron Life offers Employee Insurance. In a nutshell, you get insurance cover for your employees, which your business buys ‘in bulk’ – usually with no underwriting and at a cost much lower than the equivalent cover currently offered for individual policies.
What does an Employee Insurance plan cost?
As a general rule of thumb, the cost of an Employee Insurance plan is usually around 0.5% to 1% of your total salary cost.
Asteron Life’s Employee Insurance highlights
- Life Cover
- Total & Permanent Disablement cover
- Trauma cover
- Income Protection cover
Employees who leave the plan may have the opportunity to take up a continuation option within 60 days of leaving.
AA Life & Asteron Life Partnership
AA Life is a joint venture between the New Zealand Automobile Association (AA) and Suncorp Group New Zealand Limited.
Asteron Life Limited is Suncorp New Zealand’s specialist life insurer and underwrites AA Life’s products.
Asteron Life Credit Rating
Asteron Life is rated as an AA- (strong) financial rating by Standard and Poor’s.
Rating: AA- (Very Strong) Standard & Poor’s
Actual Solvency Capital: $418.9M
Solvency Ratio: 107%
Asteron Life Connected Care
Asteron Life customers with trauma recovery and cancer cover will now be able to join clients with disability insurance in accessing the Best Doctors service.