.jpg)
Asteron Life has announced 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, Asteron Life 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. For customers taking a level to 100 option, an added benefit is provided that if they reach 100, their premiums will cease but the insurance will stay in place. This means they will get paid the full amount of cover on death over 100 years.
“There is a real demand for the certainty that level premiums can offer our customers,” Asteron Life executive manager life distribution Graham Hill said.
“We’ve seen about a 30% uptake of level premiums from customers with life insurance,” he noted. “Adding more level options will give advisers greater flexibility to design a package of insurance that will meet customers’ needs.”
Hill explained the level premium options will help customers to build a more sustainable cover for the long term. It will enable them 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,” he added.
Changes will be available to advisers in Asteron Life’s systems from February 11.
