Asteron Life announces flexible new insurance cover for New Zealanders' financial journeys

30 April 2018

Asteron Life has today announced the launch of a flexible new insurance option for customers who want to protect their home and lifestyle.

Mortgage and Living Cover offers insurance to cover rent, mortgage repayments and living costs if a customer suffers an illness or injury that affects their ability to work.

“We know that New Zealanders’ finances go through different stages, and life can throw up unexpected challenges,” says David Drillien, Executive Manager Life at Asteron Life. “So we’ve developed a uniquely flexible product that can adapt to the financial journeys our customers are on.”

Mortgage and Living Cover is made up of different blocks of cover that customers can structure to design a solution that is totally flexible for them.

Unlike most other products, Mortgage and Living Cover offers the ability to dial cover up and down in response to changing financial circumstances, without the need to be medically underwritten again. 

Mr Drillien says that this enables customers to adapt their insurance more easily to their current financial situation. As an example, he cites customers buying their first home.

“First home buyers might be really struggling with mortgage repayments, and they want a way to protect their ability to make those payments that will work within their budget. 

“But, over time the pressure may ease and they may want to ensure they have enough cover to protect their lifestyle. They may upgrade their home or have a baby and need additional cover, or they might want to dial it back as they pay down their debt.”

Mortgage and Living Cover can be matched to mortgage repayments like a traditional mortgage protection cover, or to income, like a traditional income protection cover, or a combination of both. 

According to Mr Drillien, customers who want to top up their mortgage protection with a bit more cover to protect their lifestyle usually need more than one product.

“Topping up with additional products can bring added complexity, but Asteron Life’s new product enables customers to build in the cover they want in one product.”

Adding a range of benefits to living cover

Mortgage cover has traditionally been a more basic option than income protection, with fewer benefits. But with Mortgage and Living Cover, Asteron Life has added in a range of benefits that were previously only available to income protection customers.

“Two of the big ones are the Dependent Relative and Family Assist benefits. Those benefits offer a fixed amount of cover if the insured person needs to take time off work to look after a dependent, or if they need to take time off themselves and need a family member to look after them.”

Mr Drillien says it can provide enormous peace of mind for customers to know that those covers are available if they need it.

“Being able to cover your partner or another family member’s income for a period so they can help you out and look after you can make a huge difference for both your physical and financial wellbeing.”

Mr Drillien says Asteron Life’s new Mortgage and Living Cover is available for purchase through financial and insurance advisers.

“A financial adviser will be able to talk customers through their income and mortgage protection covers, and advise on the best ways to structure products to meet their financial goals,” he says.

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