Asteron Life announces market-leading ‘continuous Trauma’ benefit, package of product enhancements
30 April 2018
Asteron Life has this week launched a range of enhancements to its Personal Insurance policy range, including the market-leading Continuous Trauma benefit for customers with Stand Alone Trauma Recovery Cover.
Continuous Trauma is an optional benefit which, when purchased, ensures that customers have trauma cover in place for unrelated events, immediately after they have made a claim. Customers will be able to claim up to three times on their Trauma cover, and three years after their first claim their cover will reinstate for all events as long as they are not a recurrence, continuation or spread of the condition that lead to their first claim.
“We often find that it’s only after making a claim on their Trauma cover that our customers fully understand the real value of that cover – and it’s gone,” said Robyn Bartlett, Product Manager at Asteron Life.
“With Continuous Trauma we’ve created a more robust product that will be there for the long term and continue to give our customers peace of mind, because they know that they haven’t lost that cover once they make a claim.”
Bartlett said that Asteron Life has also made a number of other adjustments to its Trauma Recovery Benefit, including updating definitions and giving customers more choice in their sum insured for the Major Trauma benefit.
“The updates we’ve made will not only improve the claimability of our products for customers, these enhancements continue to create products that are more flexible for our customers’ different and changing needs,” said Bartlett.
As an example, Bartlett cites the change to the stroke benefit that Asteron Life has included in the latest package of product enhancements.
“We’ve moved away from the industry standard definition of ‘Stroke’, because we found that it was not aligned to what was really happening in New Zealand clinical practice, and was too restrictive in its definition,” said Bartlett. “We want to make sure that customers and advisers feel confident that we’ll be there in the moments that matter.”
Bartlett also highlighted Asteron Life’s new Parent Premium Waiver and update to Kids Cover as examples of how Asteron Life is adjusting its products for customers’ changing needs.
The New Parent Premium waiver replaces Asteron Life’s Pregnancy waiver benefit, in which the insurer will waive premiums for up to six months for an insured person who is taking long-term parental leave to care for a new child.
“The New Parent premium waiver reflects the fact that family dynamics are changing, and more fathers are staying at home with new children into the early stages of life,” said Bartlett.
“Personal insurance is a long term commitment and that means social change does happen over the life of a customer’s policy with us – so we want to keep making sure that our policies are as relevant as possible to our customers’ needs.”