Asteron Life Insurance (Death Cover)

The Death Cover life insurance product from Asteron is designed to pay out a lump sum if the insured dies or becomes terminally ill.

Death Cover pays a lump sum to the policy holder or to a nominated beneficiary if the insured either dies or suffers a terminal illness. When the insured applies for Death Cover, they will select the amount that they want to be paid if they die or become terminally ill. This amount is known as the sum insured. This sum insured amount will be paid regardless of which of the insured incidents occur.

Should the policy holder select a level premium structure, Asteron will guarantee not to increase the level premium rates that apply to the premium until 1 January 2015. However, if the amount of the sum insured increases, then the policy holder’s premium will also increase.

In addition, if the insured is aged 65 or under and they suffer an injury or sickness that results in them being constantly and permanently unable to perform at least two specified activities of daily living without the physical assistance of another individual, then they may choose for Asteron to either waive their Death Cover premium requirement or to be reimbursed for premiums that they have paid in relation to any other Suncorp Group personal insurance policy until the earlier of:

• The date when two years’ worth of Death Cover premiums have been waived; or
• The date that a total of $2,000 under Death Cover premiums and Suncorp personal insurance policy premiums have been waived or reimbursed; or
• The date that cover ends under the policy.