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Level premiums for life among Asteron changes

Customers will have the option of level premiums to age 100, thanks to changes being announced to Asteron Life insurance policies.

Thursday, February 7th 2019, 6:00AM

The insurer said it was releasing new level premium options for its SmartLife, personal insurance and business insurance life cover customers.

In addition to the existing "level to 70" and "level to 80" options, customers will now be able to select level premiums to ages 50, 60, 65, 75 and 100.

The maximum entry age for selecting level to 70 and level to 80 premiums is also rising.

“We’ve seen about a 30% uptake of level premiums from customers with life insurance, and we know that there is real demand for the certainty that level premiums can offer our customers,” said Graham Hill, Asteron Life’s executive manager life distribution.

“Adding more level options will give advisers greater flexibility to design a package of insurance that will meet customers’ needs.”

Hill said the level premium options will also enable customers to parcel their life cover into a mix of different stepped and level options, to help them build more sustainable cover for the long term.

“We know that many people use insurance in different ways. These new options will enable customers to link their cover to debt, dependencies or use it as part of their estate planning. We think offering more level premium options helps our customers to use insurance as part of a long-term financial plan, and deliver better financial outcomes for them.”

If customers take a level to 100 option, premiums will cease at age 100 but the insurance will stay in place.

The changes will be made available to advisers from February 11.

Tags: Asteron

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