Asteron Life Personal Insurance at a Glance

Transcription

1 Asteron Life Personal Insurance at a Glance

2 What s available under Asteron Life s Personal Insurance Policy? Life Covers Trauma Covers TPD Covers Benefit payment type Lump Sum Lump Sum Stand Alone Accelerated (from Life Cover) Lump Sum Stand Alone Accelerated (from Life Cover) Cover type Life Cover Accidental Death Trauma Recovery Cover Cancer Cover Own occupation definition (includes Modified) OR Any occupation definition (includes Modified) OR Modified TPD definition only Benefit wait period choices Not Applicable Not Applicable Not Applicable Benefit payment period choices Not Applicable Not Applicable Not Applicable Available premium structures * Premium Freeze* ( only) Premium Freeze ( only) Premium Freeze ( only) * Not available on Accidental Death Cover Built-in benefits Financial planning Special events increase Special events conversion* Terminal illness* Funeral advancement* Funeral conversion* Premium holiday * Benefits apply to Life Cover only Financial planning Special events increase Special events conversion* Premium holiday Early stage cancer Overseas assist * Benefit applies to Trauma Recovery Cover only Financial planning Special events increase Single loss of limb or eye Premium holiday TPD fast track Waiver of premium (Stand Alone only) TPD Life Cover buy back (Accelerated only) Optional additional benefits * We pay your premiums* Terminal illness booster Funeral benefit * Options also apply to Accidental Death Cover We pay your premiums Early trauma* Major trauma* TPD (own or any occupation)* Trauma reinstatement* Life Cover buy back* (Accelerated only) We pay your premiums * Options apply to Trauma Recovery Cover only

3 Income Protection Covers Workability Cover Mortgage and Living Cover Benefit payment type Monthly Income Benefit (For Disability) Monthly Income Benefit (For Disability) Monthly Income Benefit (For Disability) Cover type Loss of Earnings OR Loss of Earnings Plus Indemnity Agreed value Agreed Value Plus Benefit wait period choices 14, 30, 60, 90, 180, 365 or 730 days 30, 45, 60, 75 or 90 days 14, 30, 60, 90, 180, 365 or 730 days Benefit payment period choices 2 years, 5 years, To Age 65 or To Age 70 To Age 65 or To Age 70 2 years, 5 years or To Age 65 or To Age 70 Available premium structures Built-in benefits Income update Premium waiver Pregnancy premium waiver Recurrent disability Concurrent wait period Disability reset Payment while overseas Rehabilitation and retraining support Claim on leave without pay Claim on a period of unemployment Funeral assistance Elective surgery Premium and cover suspension Overseas assist Return to work Accommodation Transport Dependent relative Family assist Flexi claim payments benefit Rehabilitation and retraining support Short-term support Long-term support Transition support ACC continuation Recurrent disability Income update Premium waiver Payment while overseas Premium and cover suspension Flexi claim payments benefit Mortgage and income update Premium waiver Pregnancy premium waiver Recurrent disability Concurrent wait period Disability reset Payment while overseas Rehabilitation and retraining support Claim on leave without pay Claim on a period of unemployment Funeral assistance Elective surgery Premium and cover suspension Overseas assist Return to work Accommodation Transport Dependent relative Family assist Homemaker support benefit Flexi claim payments benefit Optional additional benefits Mental health discount Increasing claim Specific injury support Immediate assist Bed confinement Crisis Income top-up Income booster 25% income bonus Redundancy Increasing claim Redundancy Mental health discount Increasing claim Specific injury support Immediate assist Bed confinement Crisis Income top-up Income booster 25% income bonus Redundancy

4 Personal Insurance Eligibility Parameters Premium Structure Entry Age Cover expiry Maximum Cover (at application) Life Cover Level To Age 70 Converts to stepped at first policy anniversary after 70th birthday NB None No maximum Level To Age 80 Converts to stepped at first policy anniversary after 80th birthday Accidental Death Cover NB First policy anniversary after 80th birthday $1 million Trauma Recovery Cover Level To Age 65 Converts to stepped at first policy anniversary after 65th birthday First policy anniversary after 70th birthday $2 million, combined limit including Cancer Cover and Major trauma benefit Level To Age 70 Expires at first policy anniversary after 70th birthday TPD Cover None Accelerated: Level To Age 80 Converts to stepped at first policy anniversary after 80th birthday Any / Own Occupation TPD converts to Modified TPD at the first policy anniversary after 65th birthday $5 million Stand Alone: Level To Age 65 Converts to stepped at first policy anniversary after 65th birthday Income Protection Cover or Level 2 or 5 year benefit payment period Depends on insurable income. Refer to Asteron Life s Underwriting Guide or Level To Age 65 When Age 65 is attained or Level To Age 70 Workability Cover or Level To Age 65 or Level To Age 70 When Age 65 is attained 75% of pre-tax income up to $10,000 per month Mortgage and Living Cover or Level 2 or 5 year benefit payment period or Level To Age 65 or Level To Age 70 When Age 65 is attained Agreed Value Plus Either: 115% of mortgage repayments up to a maximum of $7,500 per month Or: 45% of annual income up to a maximum of $7,500 per month Agreed Value Either: 115% of mortgage repayments Or: Depends on insurable income. Refer to Asteron Life s Underwriting Guide. Kids Cover Level 1 21 NB First policy anniversary after 21st birthday $200,000 per child Cancer Cover Level To Age 65 Converts to stepped at first policy anniversary after 65th birthday First policy anniversary after 74th birthday $2 million, combined limit including Trauma Recovery Cover and Major trauma benefit Needlestick Cover or Level First policy anniversary after 70th birthday $500,000 Terminal Illness Booster NB None $100,000 Level To Age 80 Converts to stepped at first policy anniversary after 80th birthday We Pay Your Premiums or Level First policy anniversary after 70th birthday N/A

5 Minimum Premiums Payment Frequency 1st policy Payment Frequency 1st policy Annual $ Monthly $20.00 Half Yearly $ Fortnightly $10.00 Quarterly $60.00 Premium discount triggers and tiers Sum Insured Bands (Large sum insured discounts are available in the following bands. Our quoting tools and illustrations can be used to determine the discounts). Term Life Cover TPD Cover Trauma Recovery Cover* Cancer Cover $0 $149,999 $0 $99,999 $0 $99,999 $0 $99,999 $150,000 $249,999 $100,000 $249,999 $100,000 $249,999 $100,000 $249,999 $250,000 $349,999 $250,000 $499,999 $250,000 $499,999 $250,000 + $350,000 $499,999 $500,000 + $500,000 + $500,000 $749,999 $750,000 $999,999 $1,000,000 + * including Major trauma benefit Bundling Discount Types of cover Premium discount 2 7.5% 3 or more 12.5% We ll apply the bundling discounts to Personal Insurance policies that commence on or after 8th August The discount will be applied to all premiums on the policy other than Kids Cover premiums. You can only count each type of cover once towards the Bundling discount. The eligible types of cover are: Cover Type Eligible Covers Minimum Sum Insured / Monthly Benefit Life Life Cover $100,000 Trauma Trauma Recovery Cover Cancer Cover $25,000 TPD TPD Cover $100,000 Disability Income Protection Cover Workability Cover Mortgage and Living Cover $1,000 per month

6 Asteron Life Limited Asteron Centre, 55 Featherston Street, PO Box 894, Wellington 6140, New Zealand. Freephone or Disclaimer: This material has been prepared by Asteron Life Limited ( Asteron Life ) as a briefing for Advisers only and is not for client use. The material is a general summary only and terms, conditions, exclusions and limits apply. It is the Adviser s responsibility to make the client aware of the full detail contained in the policy document, the fact that availability of insurance cover is subject to the acceptance and approval of a complete application, and the fact that any payment is subject to a claim being accepted. Asteron Life disclaims all liability in this regard. RP312 (03/18)