Asteron Insurance Eliminating Medical Exams

Asteron Insurance has announced a first to market initiative in eliminating mandatory Medical Exams across its entire range of life insurance products.

Easier Application Process

Previously, with many applications, Asteron required a "Personal Medical Attendant Report" (PMAR) to be supplied by a doctor. Often, these reports were slow in reaching Asteron. This would delay the application process and in turn - if application was successful - possibly delay the commencement of cover. Now, Asteron has done away with these reports as a mandatory requirement, thus simplifying the insurance application process for advisers and their clients.

As well as eliminating PMARs, Asteron has also eliminated specialist medical examinations and mandatory ECGs (resting and exercise), while other enhancements include:

  • Introduction of Asteron 'own GP medical' for particular sums insured.
  • Introduction of new Exercise Echochardiogram requirement at $5,000,001 for Term Life Insurance/TPD Insurance and for clients age 51 and over applying for over $1,000,000 Recovery Insurance.
  • No mandatory medical requirements for clients aged under 55 and applying for less than $1,000,001 Life Insurance/TPD Insurance.
  • No mandatory medical requirements for clients aged under 50 and applying for less than $750,001 Recovery Insurance.
  • No mandatory mammograms or PSA (a PSA blood test can be used to help diagnose prostate cancer) for clients under age 50.

Improved Income Protection Insurance

Asteron also made several enhancements to income protection products with no resulting increase in price.

For example, if you've selected a two year waiting period because you have comparable income protection, either through your employer or superannuation fund, you can reduce your Asteron waiting period to 30, 60 or 90 days with absolutely no underwriting, should your other cover cease to apply.

Other income protection enhancements include:

  • Professional and white collar clients can now apply for $15K per month agreed value without providing financial evidence.
  • Manual and heavy manual clients can now apply for $7.5K and $5K respectively per month agreed value without providing financial evidence.

Less waiting at claim time

Those with TPD insurance can now submit a claim sooner than before.

Asteron's "eligibility period" (the period you must satisfy before you can make a claim) has been reduced from six to three months. And for some medical conditions listed in the Asteron Lifeguard Product Disclosure Statement (PDS), Asteron may further reduce the eligibility period to 14 days.

Please contact us at Rate Detective on 1300 793 143 and one of our consultants will compare all other available insurance policies form our panel of insurance to find you the most competitive price.

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Published on December 12-rd, 2010 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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