Turn off automatic indexation

This feature increases your cover to help it keep up with the cost of living. You may be able to reduce your premium payments, and decrease your cover, by switching it off temporarily for 12 months or permanently.

As an example, declining a 4% increase would keep your cover amount unchanged and could save you up to 4% on base premiums*.

Things to consider:

• If you permanently switch off automatic indexation and you later wish to switch it back on, it will be subject to underwriting and our approval.
• Consider your individual circumstances and speak to your adviser about what your needs may be in the years ahead and whether your current benefit amount reflects those.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Reduce your cover amount

If you no longer require your current level of cover, reducing the amount you’re covered for can help reduce your premiums.

As an example, reducing your cover amount by 10% could also reduce your base premiums by up to 10%*.

Things to consider:

• If you choose to reduce your cover amount and later wish to increase your cover amount in the future, the increase will be subject to underwriting and our approval.
• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Pay annually or half-yearly

If you currently pay premiums monthly, you may be eligible for a discount of up to 5%* if you change to half-yearly or annual payments.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the new premium frequency, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Review health and medical loadings

When you started your policy, your health and smoker status may have led to certain loadings on your cover, and higher premiums.

If you haven’t smoked in the last 12 months, changing to non-smoking status could reduce your premiums by up to 20%*.

Things to consider:

• If your policy was issued with an additional medical loading, you can ask us to review the loading if your health has improved. You’ll need to apply and complete our underwriting process for us to assess whether we’re able to reduce any premium loadings.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Change in occupation

High risk occupations (for example, operating heavy machinery or working at a construction site) often mean higher Total and Permanent Disablement (TPD) and Income Protection (IP) premiums.

Things to consider:

• If your occupation has changed to a significantly lower risk role - for example, you’ve changed from a blue collar or manual occupation to a white collar or office role – you may be eligible for lower premiums*.
• Speak to your adviser about whether this is relevant and appropriate for you. You’ll need to submit an application and complete our underwriting process.

*Any reduction in premium will depend on a range of factors, including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, how your occupation has changed, and when you began your cover. A premium reduction may not apply to all products and may not affect any policy fee.

Adjust your Income Protection

Adjust your income protection and you could reduce your premiums by up to 35%*.

Reduce your Income Protection benefit period

Reducing your benefit period (the maximum period you’ll receive payments while unable to work due to illness or injury) could lead to lower premiums. Changing from a ‘to-age 65’ Benefit Period to a 5-year Benefit Period could reduce your premiums by up to 35%*.

Things to consider:

• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.
• If you reduce your benefit period from ‘to age 65’ or ‘to age 70’ and later wish to increase it again, you will not be able to^.
• If you reduce your benefit period from 5 years to 2 years, and later wish to increase it back, it will be subject to underwriting, eligibility requirements and our approval, or may not be available.

* This projection is based only on a 40-year-old male; AA occupation, stepped premiums, 30 days Waiting Period, Benefit Period to age 65. Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee. ^The Australian Prudential Regulation Authority (APRA) has required life insurers to, with effect from 1 October 2021, have controls to manage the risks associated with long benefit periods.

Increase your Income Protection waiting period

Increasing your waiting period (how long you’ll need to wait after becoming unwell before payments commence) from 30 to 60 days could reduce your premiums by up to 9%*, or up to 32%* if you increase it from 30 to 90 days.

Things to consider:

• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.
• If you increase your waiting period, and later wish to reduce your waiting period again, this will be subject to underwriting and our acceptance.

* This projection is based only on a 40-year-old male; AA occupation, stepped premiums, 30 days Waiting Period, Benefit Period to age 65. Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Downgrade from Income Protection Plus to Income Protection

If you have an Asteron Life Complete policy with stepped premiums, consider whether the benefits and options available under Income Protection Plus still suit your needs, or whether the less comprehensive Income Protection product is appropriate for you.

Downgrading from Income Protection Plus to Income Protection could reduce your premiums by up to 20%*.

Things to consider:

• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.
• Please note that if you change from Income Protection Plus to Income Protection, you will not be able to change back to Income Protection Plus in the future.
• Speak to your adviser about what options are available on your IP policy and whether these options are suitable for you.

*This projection is based only on a 40-year-old male; AA occupation, stepped premiums, 30 days Waiting Period, Benefit Period to age 65. Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Switch from Agreed Value to Indemnity cover

Agreed Value means the benefit amount is based on your income at the start of your policy, while the benefit amount for Indemnity policies can be impacted by fluctuations in income due to being based on your income at the time of claim and typically has lower premiums.

Switching from Agreed Value to Indemnity could reduce your premiums by up to 15%*.

Things to consider:

• If you change your cover from Agreed Value to Indemnity, and later wish to change back to Agreed Value, you will not be able to. Agreed Value Income Protection policies are no longer available for purchase under a new policy, nor can it be added as a new benefit under an existing policy. Indemnity policies cannot be altered to Agreed Value policies. It is also no longer available for purchase on the wider market.
• Consider whether this is suitable based on your individual circumstances and speak to a financial adviser.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Change TPD Insurance from ‘Own Occupation’ to an ‘Any Occupation’ definition

Total and Permanent Disablement insurance (TPD) typically includes:

• An ‘Any Occupation’ definition, which generally means you can make a claim if you’re permanently disabled and unable to work in any occupation that suits your education, training and experience; or
• An ‘Own Occupation’ definition, which generally means you can make a claim if you’re permanently disabled and unable to work in your own usual occupation, which usually has higher premium rates.

Changing from Own to an Any Occupation definition could reduce your premiums by up to 31%*.

Things to consider:

• It’s important to note that if you change from Own Occupation to Any Occupation, and later decide to change back to Own Occupation, this will be subject to underwriting and our acceptance.
• Speak to your adviser about which TPD definition currently applies to your policy and whether that’s still suitable to you given your individual circumstances.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.

Remove optional benefits under Life, TPD and Trauma/Recovery Cover

Your policy may have optional benefits. These provide additional protection at claim time but come at an additional cost. Examples of optional benefits include:

• Business Security Option
• Waiver of Premium Option
• Double TPD
• Trauma Booster Option
• Trauma Reinstatement Option
• Double Trauma

Things to consider:

• It’s important to note that if you remove optional benefits from your cover, and later wish to add them back, this may be subject to underwriting and our acceptance. Some may not be able to be added again.
• Call us to understand what optional benefits are applicable to you and speak to your adviser to discuss whether removal of optional benefits is suitable for you based on your individual circumstances.

*Any reduction in premium will depend on a range of factors including the type of benefit(s) you’re covered for, your premium structure, the cover amount, the product you hold, and when you began your cover. A premium reduction may not be applicable to all products you hold and may not affect any policy fee.