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Attention Asteron Insurance Policy Holders: There May Be More Cost-Effective Insurance Alternatives Elsewhere

Written by Aaron Alston

If you hold an Asteron Life, TPD, Income Protection or Trauma Insurance policy, you should already be aware, but in case you aren’t, on August 2018 Suncorp sold its life insurance business including Asteron Life to TAL.  After completing their acquisition of the Asteron Life Insurance business from Suncorp in February 2019, TAL decided to discontinue the Asteron brand.   As of July 2019, Asteron has been closed for new business (existing policy holders however can still make alterations to their policies).

Why am I telling you this?  Because over the last couple of years, Hudson have seen Asteron slip down the market and are no longer competitive premium-wise as they once were.  One reason may be because they are no longer attracting market share.  In terms of claims reputation, however, Hudson still rank Asteron extremely high so there is no cause for concern there.

Recently I have assisted clients to switch their existing Asteron policies to other highly rated insurance providers and thereby saving them thousands of dollars in the process.  Please note – reinsuring a personal insurance policy is not the same as switching car insurance providers.  You will be required to disclose your updated medical history and potentially could be offered worse terms and conditions if your health has changed since you originally applied for cover.  As the Insurance adviser at Hudson, I can determine if switching insurers will be in your best interests once I understand your personal circumstances and financial situation.

If you hold an existing Life, TPD and Trauma Insurance policy – policy benefits and features are very similar from insurer to insurer and it may be worthwhile exploring if there are cheaper alternatives.

If you hold an Income Protection policy – as I outlined in my previous article, Income Protection premiums have become a cause for concern.  However, please be aware: Income Protection contracts changed significantly for the worse in Oct 2021, so it is very likely you hold a superior policy than what is available in the current market.  If you decide you want to go to market to compare alternate products, you will essentially be trading off a superior policy for price (i.e switching a car that has 20 000km to a car that has 100 000km).

SUMMARY

  • If you currently have an Asteron Insurance policy and you would like to discuss if switching insurance providers is in your best interest, contact Hudson on 1800 804 296 to organise an appointment.

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