Asteron aims to save more people from troubled financial waters with its latest product range Asteron Lifeguard.
"Asteron Lifeguard isn't just another product launch. It's a comprehensive reinvention of our life product based on a really thorough review of our market position, based on a lot of conversations with advisers and based on our own research," Asteron retail chief operating officer John Crosswell told advisers in Sydney.
In total, 80 product enhancements and 25 improvements to the underwriting process have been made.
"Those improvements include some really innovative, differentiating features that are going to add significant value to a large number of [advisers'] clients and we think will have very specific business opportunities for many," Crosswell added.
Asteron has introduced a Cancer Cover Option for clients who want extra cover, or who may not be able to have full cancer cover for health or financial reasons.
"Many of you [advisers] over the years have told us push-back on price for the full Recovery Package," Asteron head of product and marketing Jane Power said.
To help advisers approach the subject of child cover, Asteron has added $10,000 premium-free child cover for serious medical conditions on lump sum products. Additional cover can be bought at $1 per month for $10,000 cover.
Other changes include a six-month pregnancy premium waiver benefit and 25 per cent TPD partial payment of lump sum insured in the event of the loss of a limb or an eye.
Crosswell also commented: "We're delighted to be part of that group [Suncorp]. Collectively we have over $600 million of in force risk premiums over $26 billion funds under management and we are one of Australia's 15 largest public companies. But we also retain the ability and the commitment to provide a local responsive service that [advisers] deserve and need."
Asteron has reviewed its pricing position as traditionally risk advisers found Asteron relatively expensive for larger sums insured and older lives, Asteron head of sales Graham Burnard said.
