Asteron Life has announced a range of updates to its personal and business insurance products, with changes taking effect from June 5.
The updates are applicable to in-force policies issued after August 2004 and are intended to enhance support mechanisms for both advisers and policyholders.
Among the key changes is the addition of a family member accommodation and transport benefit.
This provision allows reimbursement of up to $300 per day for accommodation and up to $2,500 for travel expenses, intended to help family members accompany policyholders undergoing medical treatment.
Policy definitions have also been revised. The criteria for major organ transplants have been expanded, and the threshold for diabetes-related claims has been reduced – claims can now be made with one complication instead of two.
This comes as the cost of insurance has climbed the ranks of household financial concerns in New Zealand. Consumer NZ’s latest survey found that insurance now represents the fourth-greatest financial strain for respondents, up from sixth in late 2024. Premium increases in areas such as home, contents, vehicle, and health cover were identified as driving factors.
For business insurance clients, a new rehabilitation and retraining benefit has been introduced.
This allows reimbursement for costs incurred while undertaking rehabilitation or upskilling programs to support a return to work.
The insurer’s product revisions coincide with findings from the Global Business Complexity Index 2025, which ranked New Zealand 77th globally for business complexity. This placed the country among the most straightforward operating environments in Asia-Pacific, largely due to regulatory transparency and ease of compliance.
Asteron Life has also increased flexibility for customers to adjust their coverage as their personal or business circumstances evolve.
Claire Sutton (pictured), executive manager of life portfolio and new business at Asteron Life, said the enhancements are designed to simplify the claims process and support customer needs without altering premiums.
“We’re always working to provide customers with the most meaningful value we can. These enhancements are designed to streamline and offer improved benefits across a broad range of insurance solutions. We also know times are tight for many New Zealanders right now, so we’ve worked hard to make these improvements without increasing customer premiums” she said.
