If an illness or injury leaves you needing to take time off work, it’s vital to ensure you have enough financial support to make ends meet so you can maintain your quality of life. If you have a family to take care of, it’s also important to get the coverage you need so their financial future is protected too. If you already have health, life and TPD insurance, taking out Asteron’s Trauma Cover can provide you with a comprehensive life insurance suite. Here are a few reasons why Asteron’s Trauma Cover can help you:
- You might have health insurance, but even the most comprehensive insurance can only cover part of the cost of medical bills. Plus, you’ll still have a gap fee to pay.
- If you’re working full-time, you might not have enough sick-leave accrued to cover you for time taken to recover.
- Your life insurance will only pay out in the event of your death.
- Your TPD insurance will only cover you if you’re permanently disabled and unable to work ever again.
- You don’t want to draw down on your savings to fund your recovery.
If you become sick with a specified medical condition, Asteron Life Trauma Cover is ideal for ensuring you have the funds you need to take care of yourself and your family. If you suffer from one of their 40 specified medical conditions, you’ll receive a lump sum of up to $2 million. This can be used to pay immediate medical fees, to cover the costs of lifestyle changes, to pay for necessary home care while you’re recovering, and even to repay your mortgage or cover the cost of rent.
As a part of the Asteron Life – Life Complete suite of insurance, you can opt to either hold it as a stand-alone policy, or link it to your Asteron Life TPD Cover or your Asteron Life Life Cover. If purchased as a stand-alone, you’ll pay a higher premium, but won’t have to worry about claims affecting your other covers. Whereas if you link it to your other Asteron Life Covers, you’ll get a more economical yet comprehensive insurance option. However, any claim made against your Trauma Cover will affect your other covers by lowering your total sum insured.
What types of cover can I choose from?
Asteron Life gives you two different types of Trauma Cover to choose from. These are their basic Trauma Cover, and a more comprehensive and benefit-rich Trauma Plus option. With Trauma Cover, you’re covered for 39 medical conditions, plus one medical condition for a partial payment. If you select Trauma Plus, you’re covered for the full range of medical conditions, plus an additional 18 medical conditions that qualify for a Partial Benefit payment.
What conditions trigger a payout?
Depending on the type of cover you select (Trauma Cover or Trauma Cover Plus), you could receive a payout for up to 40 medical conditions. Just some of these are:
- Aplastic anaemia
- Brain tumours
- Liver failure
- Kidney failure
- Creutzfeldt-Jakob disease
- Organ transplant
- Severe burns
- Heart attack
Whereas most insurers will only pay for major heart attacks and require a 3 month waiting period, Asteron Life prides itself for having a market leading heart attack definition. Asteron Life will pay you the full sum insured for minor or silent heart attacks, meaning you’ll get access to your benefit sooner, so you can focus on getting better and back to work.
Is there a waiting period for receiving my benefit?
Whereas most of Asteron Life’s specified medical conditions can result in an immediate payout after your claim is approved, your TPD benefit is not payable for some conditions if they arise within the first 3 months after you apply for the cover. These include stroke, cancer, repair or replacement of aorta, heart attack, and open-heart surgery.
In addition to receiving your lump sum benefit, Asteron Life also provides policyholders with worldwide coverage, grief counseling, guaranteed future insurability, and a guaranteed upgrade of features.
Asteron Life Trauma Cover also includes:
- Partial trauma benefit
If you’re diagnosed with one of Asteron Life’s defined medical events, such as early stage melanoma, prostate cancer or leukemia, you could receive a partial benefit of up to 20% of your total sum insured.
- Limited death benefit
If you die while your cover is active, Asteron Life will pay your family a lump sum of up to $20,000 if you haven’t claimed your Trauma benefit or Partial Trauma benefit.
- Financial planning benefit
Receive reimbursement for up to $2500 if you seek financial planning advice.
- Premium and cover suspension benefit
If you experience a financial hardship, Asteron Life lets you suspend your cover and premiums for up to 1 year. This means you won’t have to cancel your cover and apply again if you’re able to pay your premiums for a while.
- Premium freeze option
You can freeze the premiums on your cover so your future premiums continue at a set amount.
- Continuation of cover
You can convert your cover to TPD Cover before it expires without any health assessments.
- Conversion benefit
If you want a more comprehensive life insurance plan, you can convert your Trauma Stand Alone Cover to a Life Cover policy that’s linked to your Trauma Cover. Reasons you might do this include if you get married or have a child.
For an extra cost, you can also include:
- Business Security option
You can triple your benefit amount to ensure that your business operates smoothly while you take time off to recover.
- Child Cover
You can insure your children for $200,000 each, so that if they die or become sick, you’ll be able to afford medical bills and be able to take time off work to care for them.
- Waiver of premium option
You won’t have to pay your premiums if you’re significantly disabled and unable to work for 6 months or more.
- Trauma booster option
You can double your Partial Trauma Benefit, and boost the payment of your Trauma Benefit by an additional 25% for 5 specified medical conditions.
- Trauma reinstatement option
Make sure you’ll always have the financial protection you need with this option that lets you claim multiple times throughout your life. You can purchase a new policy with Trauma Stand Alone Cover just 12 months after the Trauma Benefit has been paid, all without medical underwriting.
Want to see how Asteron Life Trauma Cover measures up against other insurers? You can compare this Trauma Cover with other insurance policies on our website.
© 2012 Wealth Smart Life InsurancePage last updated: April 12, 2014