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Asteron Life is committed to being there for all our customers and advisers. We know the corona virus (Covid-19) situation is making this an uncertain time for many so we wanted to share some updates with you.
Options for customers
Some of your clients will be feeling the economic impact so we’d like to remind you that we have options available for customers who have changing financial circumstances.
Options under Lump Sum Covers include:
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Premium Holiday – a built-in benefit which allows customers to stop paying premiums for up to six months if they’re unemployed or experiencing financial hardship. Claims are still able to be made during this time.
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Premium freeze – allows customers to freeze their stepped premium on lump sum covers for 12 months. This option reduces the lump sum benefit and applies from the policy anniversary.
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A mixture of stepped and level premiums - options are available to suit long-term cover needs while matching short-term pricing needs.
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Restructuring Trauma cover – an option to decrease premiums while still providing cover. For example, some Trauma Recovery Cover can be converted to Major Trauma benefit, which is a more affordable option as the trigger point for claims on 29 of the 45 listed conditions is higher. Another option is converting Trauma Recovery Cover to Cancer Cover, which has the same policy definitions but does not provide cover for other conditions.
Options under Disability Income Covers:
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Premium and cover suspension - allows customers to suspend their premiums and cover for up to 12 months if they are experiencing financial hardship or are unemployed or on long-term leave from work. Cover can be reinstated at any point within the 12 months without further medical underwriting. Any conditions which first occur while the customer is on a premium and cover suspension will not be claimable, either during the suspension period or once cover is reinstated.
Our policy wordings include other options such as Family Assist, Dependant Relative and Overseas Assist and others, which customers may find useful at this time. If your client’s circumstances fall outside the above options, please talk to your BDM about how we can help.
Making online applications easier
Social distancing recommendations from health professionals and the government mean some clients may now prefer online contact. If you opt to talk to your client online or by phone, AsteronConnect applications can be submitted online without a written signature needed.
We also encourage you to make the most of our tele-interview service, which lets us complete personal and medical statements with customers directly over the phone. You can select this option through AsteronConnect, scheduling a convenient time and date for your client between 8.30am-6pm Monday through to Friday.
Mobile nurse visits
For clients needing to book a mobile nurse to complete their application, these visits are still available. Nurses will call clients ahead of appointments to assess the risk of visiting. If they are unable to visit at that time the visit will be rescheduled.
For existing policies
There are no blanket exclusions for corona virus or any other pandemic in any of our Asteron Life policies, including Employee Insurance.
Life insurance covers customers for death or disability that results from injury or illness and we would treat any claim arising from coronavirus as we would any other illness. When assessing claims, the specific claim criteria under the relevant cover would need to be met and we will take into account any special terms and conditions applied to each individual policy.
Get in touch
Asteron Life is well prepared to continue support for our advisers and customers. We are monitoring this quickly evolving situation and will continue to keep you updated on our response.
In the meantime, please don’t hesitate to get in touch with your BDM if you have any questions or concerns, or call the Adviser Support line on 0800 808 106.
Kind regards,
Graham Hill
Executive Manager
Life Distribution
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