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Unlocking the gold in your client base…

Asteron Life’s enhanced Employee Insurance Changes to our Employee Insurance covers

Monday, April 10th 2017, 12:49PM

We appreciate your clients want to make things as simple as possible. Therefore we’ve recently made some enhancements to our Employee Insurance products in areas that have proved popular in our Personal Insurance offer, where we can do so with little or no impact on the cost to your client.

Income Protection Cover (formerly known as Salary Continuance Cover)
We’re launching the next generation of income protection cover with a number of enhancements:

  • New ‘Income Support benefit’ replaces the ‘Total Disablement benefit’ and ‘Partial Disablement benefit’. The degree to which a member is disabled will determine the benefit payment for which they are eligible.
  • Simplified payment calculations for both Indemnity and Loss of Earnings cover.
  • No requirements for any period of total disablement.
  • Revised Rehabilitation and Retraining Support benefit is available to members during the waiting period.
  • All monthly payments are now made in advance.
  • There is a new optional Specific Injury Support benefit.

Trauma Cover

  • We’ve renamed and improved our Premier Cover, which is Trauma Cover.
  • We’ve removed the Standard Cover.
  • We’ve added three more conditions to the Trauma Cover to match the number of conditions in the Personal Insurance Trauma Cover.
  • We’ve changed the trauma definitions to better align with the Personal Insurance Trauma Cover.

 

Making it simple and clear for your client

In addition to these changes, we’ve made some minor changes to provide greater clarity on cover overseas, the continuation option process, the threshold for returning to work and indexation while on claim.

Click here for more detail on What’s new in Employee Insurance

If you have any questions, please contact Business Development Manager Rhys Knight on Rhys_Knight@asteronlife.co.nz
or phone (09) 363 2604.

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.99 3.45 3.69
ANZ 4.59 ▲3.84 ▲4.30 ▲4.54
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲3.24 ▲3.70 ▲3.94
ASB Back My Build 2.04 - - -
ASB Bank 4.45 2.99 3.45 3.69
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.99 ▲3.45 ▲3.69
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.70 ▲3.59 ▲4.05 ▲4.29
BNZ - TotalMoney 4.70 - - -
CFML Loans 5.15 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.45 2.85 3.15
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank ▲4.00 3.80 ▲4.15 ▲4.50
Kiwibank - Offset ▲4.00 - - -
Kiwibank Special 3.75 2.95 ▲3.30 ▲3.65
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 3.05 3.45 3.75
SBS Bank Special - 2.55 2.95 3.25
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.79 - -
The Co-operative Bank - Owner Occ 4.55 ▲2.99 ▲3.60 ▲3.89
The Co-operative Bank - Standard 4.55 ▼3.49 ▲4.10 ▲4.39
TSB Bank 5.34 ▲3.54 ▲4.00 ▲4.24
TSB Special 4.54 ▲2.74 ▲3.20 ▲3.44
Wairarapa Building Society 4.99 3.55 3.49 -
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Westpac 4.84 ▲3.59 ▲4.05 ▲4.29
Westpac - Offset 4.84 - - -
Westpac Special - ▲2.99 ▲3.45 ▲3.69
Median 4.57 2.99 3.45 3.69

Last updated: 21 October 2021 9:00am

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