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New level premium options on life cover
Feb 07, 2019
MEDIA RELEASE
Asteron Life releases new level premium options on life cover
In addition to the existing ‘level to 70’ and ‘level to 80’ options, 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.
“We’ve seen about a 30% uptake of level premiums from customers with life insurance, and we know that there is real demand for the certainty that level premiums can offer our customers,” says Graham Hill, Asteron Life’s Executive Manager Life Distribution.
“Adding more level options will give advisers greater flexibility to design a package of insurance that will meet customers’ needs.”
Hill says that the level premium options will also enable customers to parcel their life cover into a mix of different stepped and level options, to help them build more sustainable cover for the long term.
“We know that many people use insurance in different ways. These new options will enable customers 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.”
For customers taking a level to 100 option, Asteron Life offers the added benefit that if they reach 100, their premiums will cease but the insurance will stay in place, meaning they will get paid the full amount of cover on death over 100 years.
Hill says the changes will be available to advisers in Asteron Life’s systems from 11 February 2019.
View the full press release here
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