If an illness or injury forced you to take time off work, do you know how you would you be able to keep up with your family’s expenses? Would you have to rely on your life savings, or take out extra credit card debt or loans to fund the cost of your recovery? Would you be able to pay your rent or mortgage, cover the costs of medical bills, or pay your children’s education fees?
Because accidents and illness can strike at any point in your life, Asteron Life Income Protection ensures that you’ll be able to keep up with the costs of daily living should you become sick or injured. It covers you for when your health insurance can’t, and makes sure your lifestyle doesn’t have to completely change when you take time off work to recover.
How does it work?
Because we all rely on our income for our day-to-day expenses, Asteron Life can replace your monthly income if you’re totally or partially disabled. This means that you can take time off work to focus on recovery, and make ends meet when you can’t work for a while. Whereas most insurers cover for a maximum of 75% of your earnings, Asteron Life maintains a competitive edge with a generous 80% replacement benefit, with a maximum of up to $60,000.
Furthering their flexibility and market competitiveness, Asteron Life also lets you work 10 hours or less per week while your considered to be totally disabled.
And if you’re a medical professional who’s exposed to unique risks on a daily basis, you’ll be able to enjoy a number of extra built-in benefits that ensure you have the level of protection you need. These include a special lump sum for blood borne diseases, and needle stick and medical hazards benefits.
Is there a waiting period to receive my benefit?
When applying for your Income Protection Cover, you can select a waiting period of 14, 30, 60 or 90 days, or 1 or two years. You’ll usually pay a higher premium for a shorter waiting period, and a lower premium for a longer waiting period.
You can also choose how long you’d like to receive your benefit for. Depending on the type of cover you choose, you can pick from either 2 years, 5 years, up to age 65 or up to age 70
What sort of cover can I choose from?
- Income Protection Cover
A basic level of income protection that offers a comprehensive range of built-in features.
- Income Protection Plus Cover
This level of cover gives you’re the maximum protection at a higher premium.
- Income Protection Cover Super
Lets you hold your Income Protection within your super, so you can pay for your premiums using your super contributions.
- Income Protection – Accident Only
Covers you for accidents only, and not illnesses.
In addition to your disability benefit, Income Protection also includes built-in benefits to help you get back to work sooner. Asteron Life will ensure you receive the right amount of rehabilitation and reimburse you for program costs. Asteron Life also provides a return to work incentive, and can pay for business coaching or consulting if you’re self-employed.
Income Protection cover also includes:
- Partially disabled benefit
You can receive a portion of your monthly benefit if you’re partially disabled.
- Pregnancy premium waiver
Asteron Life will waive premiums for up to 6 months if you become pregnant while your policy is in force.
- Death benefit
If you die while your cover is active or become terminally ill, Asteron Life will pay you or your family up to 6 times your monthly benefit amount, even if you have life insurance.
- Increasing claim benefit
If you’re receiving your benefit, Asteron Life will increase your total monthly benefit each anniversary of the commencement date.
- Recurring disability benefit
If you receive a claim then return to work, and your disability prevents you from working again, Asteron Life will recommence your payments. You won’t have to apply for your cover again, and you won’t have to wait to receive your payment.
- Premium waiver benefit
You won’t have to pay your premiums while you’re receiving your benefit.
- Accommodation benefit*
If you’re bed-ridden more than 100km from home as a result of being totally disabled, Asteron Life can reimburse any accommodation costs for a family member to stay with you.
- Bed confinement benefit*
If you’re bed-ridden for more than 72 consecutive hours because of an illness or injury, Asteron Life will pay 1/30th of your Total Monthly Benefit for each day you’re bed-ridden during the waiting period. If you’re bed-ridden for 7 days, this means you’ll receive 7/30ths of your monthly payment.
- Family assistance*
If you’ve been receiving your monthly benefit for 30 days in a row and continue to be totally disabled, Asteron Life will pay for a family member or registered nurse to care for you.
- Childcare reimbursement*
Because your contribution to your family is much more than financial, Asteron Life can help with childcare assistance. If you need to pay for extra childcare, Asteron Life will reimburse you for any child care fees accrued as a result of your sickness or injury.
* Not available on all types of cover
Not sure if Asteron Life Income Protection is right for you? You can compare this insurance policy with others using our online quote service.
© 2012 Wealth Smart Life InsurancePage last updated: April 12, 2014