Asteron adopts 24 months terminal illness definition

Asteron Life has announced that its Asteron Life Complete (ALC) is the first retail insurance product to adopt an "unlikely to survive more than 24 months" terminal illness definition for superannuation and non-super policies.

This would also be passed back to existing ALC customers, and the firm has updated two key definitions in the product.

Suncorp's executive general manager for personal injury portfolio, Chris McHugh, said: "We see real value in ensuring Asteron Life Complete customers have access to a terminal illness benefit earlier and aligning to the Superannuation Industry Supervision (SIS) conditions of release for cover structured through super".

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"We believe when faced with a terminal illness, this benefit can make a significant difference to customer lives, allowing them to focus on the important things, like time with family," he said.

Asteron said its partial trauma benefit and the definition of coronary artery angioplasty have been extended, and its criteria for a melanoma, within the cancer definition, had been relaxed.

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