Asteron Life support businesses with premium relief options
Asteron Life has announced it is making changes to its premium relief options it offers business customers.
Thursday, September 9th 2021, 3:51PM
Robyn Bartlett.
The insurer says it wants to support businesses to maintain their cover during periods of temporary financial hardship.
The changes include adding a premium holiday benefit of up to six months, and premium and cover suspension benefits of up to 12 months to business insurance policies.
The new benefits were to take effect in late September but have been brought forward to ensure they are available to business customers dealing with the impact of the latest Covid-19 alert level changes.
Asteron Life product manager Robyn Bartlett says the changes are to support the long-term sustainability of life insurance products for business customers.
“The impact that Covid-19 has had on small business owners has been disproportionate and many have found themselves in the situation of desperately needing to make any savings that they can to stay afloat through periods of lockdown or disruption,” she says.
“When times are tough, life insurance premiums are often an expense that SMEs will try to reduce or cut completely, often to the detriment of their long-term financial resilience.”
The premium holiday benefit has been added to Asteron Life’s Business Insurance and SmartBusiness lump sum covers, while premium and cover suspension benefits have been added to Business Insurance, Key Person and Business Expenses disability covers.
They are already available on the majority of Asteron Life’s personal products.
For premium holidays on lump sum covers, cover will remain claimable while the premiums are waived, while on disability covers, cover will be put on hold while premiums are being waived.
“Throughout 2020, we offered comprehensive support packages to customers affected by Covid-19, including providing nearly $4 million in premium relief and waivers,” Bartlett says.
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