Continuous trauma is an optional benefit which, when purchased, ensures that customers have trauma cover in place for unrelated events, immediately after they have made a claim.
Customers will be able to claim up to three times on their trauma cover, and three years after their first claim their cover will reinstate for all events as long as they are not a recurrence, continuation or spread of the condition that lead to their first claim.
â€śWe often find that itâ€™s only after making a claim on their trauma cover that our customers fully understand the real value of that cover â€“ and itâ€™s gone,â€ť said Robyn Bartlett, product manager.
â€śWith continuous trauma weâ€™ve created a more robust product that will be there for the long term and continue to give our customers peace of mind, because they know that they havenâ€™t lost that cover once they make a claim.â€ť
Bartlett said that Asteron Life has also made a number of other adjustments to its trauma recovery benefit, including updating definitions and giving customers more choice in their sum insured for the major trauma benefit.
â€śThe updates weâ€™ve made will not only improve the claimability of our products for customers, these enhancements continue to create products that are more flexible for our customersâ€™ different and changing needs,â€ť Bartlett said.
Asteron has moved away from what it said was the standard definition of stroke, because it was not aligned with New Zealand clinical practice.
â€śWe want to make sure that customers and advisers feel confident that weâ€™ll be there in the moments that matter.â€ť
The new parent premium waiver replaces Asteron Lifeâ€™s pregnancy waiver benefit, in which the insurer will waive premiums for up to six months for an insured person who is taking long-term parental leave to care for a new child.
â€śThe new parent premium waiver reflects the fact that family dynamics are changing, and more fathers are staying at home with new children into the early stages of life,â€ť said Bartlett.
â€śPersonal insurance is a long term commitment and that means social change does happen over the life of a customerâ€™s policy with us â€“ so we want to keep making sure that our policies are as relevant as possible to our customersâ€™ needs.â€ť
New Parent Premium Waiver
Pemiums waived for up to six months, while continuing cover, for an insured person who is taking long-term parental leave to care for a new child.
Applies for both biological and adopted children.
New Continuous Trauma Benefit
Continuous trauma reinstates immediately after any trauma claim payment â€“ thereâ€™s no 12-month stand-down or need to re-apply.
For the first three years following reinstatement, cover is for unrelated trauma events only.
After three years, all trauma events will be covered again as long as they are not a recurrence, continuation or spread of the previous claim.
Three years after a heart condition or stroke is claimed on, Asteron will pay a subsequent claim for a new heart event or stroke, regardless if it is a recurrence, continuation or spread of an underlying condition.
It can be used for up to three full trauma claims.
Other changes: Aneurysms added to early trauma benefit, which pays 20% of the trauma recovery sum insured up to $100,000. New stroke definition. Relaxes muscular dystrophy definition. Relaxed Parkinsonâ€™s definition. New optional 24-month terminal illness support benefit. Free kidsâ€™ cover increasing to $50,000.
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