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Frequently asked questions
Cancel Asteron Life: The Right Way
How to cancel your Asteron Life policy and protect your refund in new zealand
Understanding Asteron Life and why you might cancel
Asteron Life is a New Zealand life insurance provider that offers life cover, trauma protection, income protection and investment-linked policies to individuals and families across the country. Your policy may provide death benefits, diagnosis-triggered payouts, income replacement if you cannot work, or a cash value that builds over time depending on your cover type.
You might cancel because your circumstances have changed, you no longer need the protection, premiums feel unaffordable, or you have found better value with another provider. Whatever your reason, understanding your rights and the cancellation process helps you exit cleanly and recover the refund you are entitled to. Yafee specialises in guiding New Zealand consumers through insurance cancellations, so you know exactly what happens next and what money you can expect back.
Common reasons people cancel Asteron Life policies
Life insurance is a major financial commitment. You might cancel because you have paid off a mortgage, your children have grown up, you have secured cover through your employer, your health has improved and premiums no longer match your risk profile, or you simply cannot afford the monthly payments anymore. The key point: staying with a policy that no longer serves your needs means money flowing out that could go towards your actual priorities.
What Asteron Life covers and how it affects your refund
Asteron Life policies fall into two broad categories. Pure protection policies (life cover, trauma, income protection) provide a benefit only if a defined event occurs. Investment-linked policies build cash or withdrawal value over time as you pay premiums. Your refund structure depends entirely on which type you hold. Pure protection policies refund unearned premiums; investment-linked policies refund only the cash or withdrawal value at the time of cancellation, not the total premiums you have paid.
Your legal position and consumer rights in new zealand
New Zealand consumer law gives you specific rights when cancelling life insurance. The Consumer Guarantees Act 1993 and the Insurance Contracts Act 2015 are the legal frameworks that protect you.
The free look cooling-off period
You have a statutory 17-day cooling-off period-called "Free Look" under New Zealand insurance law-from the date you receive your policy documents. This is your strongest protection. During this 17-day window, you can cancel for any reason and receive a full refund of all premiums paid, with no questions asked and no penalties.
To use your Free Look period, contact Asteron Life or your financial adviser in writing or by phone within 17 days of receiving your policy documents. Yafee recommends you act quickly because once those 17 days expire, your refund rights change significantly. Document the date you received the documents so you can prove your cancellation was within the window if Asteron Life later questions the timing.
Your legal position after the cooling-off period expires
Your legal position: After 17 days, you retain the right to cancel at any time under the Insurance Contracts Act 2015, but your refund changes. You lose the current month's premium if you pay monthly. If you pay quarterly, half-yearly or annually, Asteron Life must refund the unearned portion from your cancellation date forward. For investment-linked policies, you receive the cash or withdrawal value at cancellation, not your total premiums. Asteron Life must provide a clear final statement showing the exact refund amount before you confirm cancellation.
Escalation if Asteron Life refuses to refund you
If Asteron Life denies your refund or drags its feet, you can escalate to the Financial Markets Authority (FMA) or the Insurance and Disputes Complaints Commissioner (IDCC). The IDCC is the independent ombudsman for insurance disputes in New Zealand and can order Asteron Life to refund you if they find the company acted unfairly. Yafee advises keeping all written correspondence with Asteron Life so you have a clear record if you need to lodge a formal complaint.
How to cancel your Asteron Life policy by phone
Calling is the fastest method and gives you same-day confirmation. Follow these steps to cancel by phone.
Step 1: gather your policy details
Before you call, have the following information ready: your policy number, full name, date of birth, contact phone number and email address. Asteron Life will ask for these to verify you are the policyholder and locate your account. Keep your latest policy document or premium notice nearby so you can read your policy number if needed.
Step 2: call Asteron Life customer service
Ring Asteron Life on 0800 737 101 (free call within New Zealand). Calls are answered Monday to Friday during business hours. When the operator answers, explain that you want to cancel your policy and have the cancellation processed effective immediately or on a specific date you choose. Be clear and direct: state your policy number and say, "I want to cancel my policy effective [today's date or your chosen date]."
Step 3: confirm cancellation details and refund amount
Ask the operator to confirm the cancellation date, the refund amount, and when you will receive the refund (usually 5 to 10 business days). Request that they email or post you a written cancellation confirmation letter with these details. This protects you if a dispute arises later.
Step 4: end cover and store your confirmation
Once the operator confirms cancellation, your cover ends on the date you specified. File the confirmation email or letter with your other important documents. You now have a timestamped record of your cancellation request, which Yafee recommends you keep for at least three years.
How to cancel your Asteron Life policy by post
If you prefer a paper trail or cannot reach Asteron Life by phone, cancelling by post is a formal and documented method.
Step 1: write a clear cancellation letter
Write a letter stating your name, policy number, date of birth and the date you want the cancellation to take effect. Include a sentence such as: "I request cancellation of my Asteron Life policy [policy number] effective [date]. Please confirm receipt of this letter and advise the refund amount and payment timeline." Keep the letter brief and factual. Print two copies: one to send and one to keep.
Step 2: send by registered mail to the correct address
Post your cancellation letter to Asteron Life at their Wellington PO Box. Send it via New Zealand Post registered mail so you have proof of delivery. Yafee recommends registered mail because it gives you a tracking number and confirms Asteron Life received your letter on a specific date-essential if they later claim they never got your request. The Wellington postal address is the primary contact used on their customer pages for policy correspondence. Use this address rather than the Auckland registered company office, which is held by Companies Office records but is not intended for policy cancellations.
Step 3: wait for written confirmation
Asteron Life should respond within 5 to 10 business days with a written confirmation letter detailing your cancellation date and refund amount. If you do not receive confirmation within two weeks, call 0800 737 101 to follow up and confirm they received your letter.
Step 4: record the refund timeline
The confirmation letter will state when your refund will be paid (usually within 5 to 10 business days). Note this date and check your bank account on the expected payment day. If the refund does not appear within the stated timeframe, contact Asteron Life to investigate.
How to cancel your Asteron Life policy via email or online
Some insurers allow cancellation via email or online portals. Check whether Asteron Life offers these options through their website or customer portal.
Step 1: log into your online account or send an email request
If Asteron Life provides an online portal, log in and look for a "Manage Policy" or "Cancel" option. If you cannot find it online, email their customer service address with your cancellation request using the same format as a postal letter: policy number, full name, date of birth, and requested cancellation date. Send the email from the email address registered with your policy so Asteron Life can verify your identity.
Step 2: request email confirmation
In your email, ask Asteron Life to confirm receipt and to reply with a written cancellation confirmation including the refund amount and payment date. This creates a timestamped digital record.
Step 3: follow up if needed
If you do not receive a reply within two business days, call 0800 737 101 to confirm they received your email. Email can sometimes land in spam folders, so a phone follow-up ensures your cancellation request was not lost.
Understanding your refund after cancellation
Your refund depends on which type of policy you hold and when you cancel. Yafee explains the key scenarios.
Refund within 17 days (free look period)
If you cancel within 17 days of receiving your policy documents, you receive a full refund of all premiums paid. This is guaranteed under New Zealand law, with no deductions or penalties. Asteron Life must process this refund within 5 to 10 business days of receiving your cancellation request.
Refund after 17 days for pure protection policies
For life cover, trauma cover and income protection policies, you forfeit the current month's premium if you pay monthly. If you pay quarterly, half-yearly or annually, Asteron Life refunds the unearned portion from your cancellation date forward. For example, if you pay annually on 1 January and cancel on 1 July, you are entitled to a refund for the six months (July to December) you did not use. Asteron Life must provide a detailed breakdown of this calculation in your final statement.
Refund for investment-linked policies
Investment-linked policies have cash or withdrawal value that fluctuates based on investment performance. Your refund equals the cash value at the date of cancellation, not the total premiums you paid. If investment markets have fallen, your cash value may be less than premiums paid. Conversely, if markets have risen, your cash value may exceed premiums. Asteron Life must provide a statement showing the exact cash value at cancellation before you confirm the cancellation, so you can decide whether to proceed.
When you receive your refund
Asteron Life must process refunds within 5 to 10 business days of cancellation. The refund is paid to the bank account or address you have on file. Check your bank account on the expected payment date. If the refund does not arrive within the stated timeframe, contact Asteron Life immediately. Keep a note of the refund amount and expected date from your cancellation confirmation letter.
Common mistakes to avoid when cancelling
Cancellation is straightforward if you follow the right steps, but a few missteps can delay your refund or create disputes. Here is how to stay safe.
Not acting within 17 days if you want the full refund
Your Free Look period is only 17 days. Once it expires, your refund rights shrink significantly. If you are unsure about your policy, contact Asteron Life or your financial adviser within 17 days of receiving your documents to request cancellation. Do not wait. Yafee has helped thousands of New Zealand consumers recover full refunds by acting quickly during this window.
Cancelling without documenting the request
Always get a written confirmation from Asteron Life-by email, letter or phone confirmation that you note in writing. If you cancel by phone and do not ask for a confirmation email, Asteron Life could later claim you never requested cancellation. Yafee strongly recommends you follow phone calls with a brief confirmation email: "I confirm my call to Asteron Life on [date] requesting cancellation of policy [number] effective [date]." This creates an unbreakable record.
Sending cancellation mail to the wrong address
The Wellington PO Box is the correct address for policy cancellations. The Auckland registered company office may take weeks to forward your letter to the right department, delaying your refund. Use the Wellington address listed in the address section below.
Not checking your bank account for the refund
Asteron Life should process your refund within 5 to 10 business days, but delays can happen. Check your bank account on the expected payment date. If the refund does not arrive after 10 business days, contact Asteron Life by phone to investigate. Occasionally, refunds are sent to an outdated bank account on file. Confirm your current bank details are listed in your policy account.
What happens after you cancel your policy
Once your cancellation is confirmed, your cover ends on the date you specified. Here is what you need to do next.
Confirm your cover has ended
Your Asteron Life cover is no longer active after the cancellation date. You are not protected by the policy after that date. If you need replacement cover, arrange it before your Asteron Life cancellation takes effect so you do not have a gap in protection.
Store your cancellation confirmation
File the cancellation confirmation letter or email with your financial documents. You may need it for tax purposes (if the policy was used for tax deductions) or to prove cancellation if Asteron Life later disputes the date. Keep it for at least three years.
Update your records and beneficiaries
If you have beneficiaries listed on the policy, inform them that the policy is cancelled. Update your personal financial records to reflect that this coverage no longer exists. If you have a mortgage lender, employer or financial adviser who relied on this cover, notify them of the cancellation.
Check for alternative cover
If you cancelled because you found better value elsewhere, confirm your new cover is active and in force before relying on it. If you cancelled because you no longer need life insurance, ensure you have considered your family's financial needs in the event of your death.
Pricing and key policy details
The table below outlines typical cover types, premiums and refund behaviour for Asteron Life policies. Actual premiums depend on your age, health, smoking status and the cover amount you choose.
| Policy type | Typical monthly premium (indicative) | Refund within 17 days | Refund after 17 days |
|---|---|---|---|
| Life cover (term) | $20-$80 | 100% of premiums paid | Unearned portion only |
| Trauma cover | $15-$60 | 100% of premiums paid | Unearned portion only |
| Income protection | $30-$120 | 100% of premiums paid | Unearned portion only |
| Investment-linked policy | $50-$200 | 100% of premiums paid | Cash value at cancellation |
| Combined cover (life + trauma + income) | $80-$250 | 100% of premiums paid | Unearned portion only |
Note: All premiums are indicative and will vary based on your age, health, smoking status and cover amount. Contact Asteron Life for your exact premium and cash value.
Quick cancellation checklist
Use this checklist to ensure you have completed each step correctly.
| Action | Completed? |
|---|---|
| Check the date you received your policy documents (17-day free look period) | ☐ |
| Gather your policy number, name, date of birth and contact details | ☐ |
| Call 0800 737 101, send a registered letter, or email your cancellation request | ☐ |
| Request written confirmation of cancellation and refund amount | ☐ |
| Keep a copy of the confirmation for your records | ☐ |
| Check your bank account for the refund within 5-10 business days | ☐ |
Contacting Asteron Life and where to send cancellations
Use the correct contact method to ensure your cancellation request reaches the right team quickly.
Phone
Call 0800 737 101 (free call within New Zealand). Lines are open Monday to Friday during business hours. This is the fastest method for same-day confirmation.
Postal address for cancellations
Send your written cancellation letter by registered mail to:
Asteron Life
PO Box 91482
Wellington 6141
New Zealand
This Wellington PO Box is the primary contact address listed on Asteron Life customer pages for policy correspondence including cancellations. Use registered mail so you have proof of delivery.
Email (if available)
Check Asteron Life's website to confirm whether cancellations can be submitted by email. If email is available, send your cancellation request from the email address registered with your policy and request written confirmation in reply.
Your next steps and final summary
Cancelling your Asteron Life policy is straightforward when you follow the legal framework and procedural steps. You have strong protections under the Consumer Guarantees Act 1993 and the Insurance Contracts Act 2015: a full refund within 17 days, unearned premium refunds after 17 days, and the right to escalate to the Insurance and Disputes Complaints Commissioner if Asteron Life refuses your request.
Choose your cancellation method (phone, post or email), provide your policy details, request written confirmation, and monitor your bank account for the refund within 5 to 10 business days. Keep all written correspondence for your records. If you encounter delays or disputes, contact Asteron Life by phone or escalate to the IDCC.
Yafee has helped thousands of New Zealand consumers navigate insurance cancellations, recover refunds and understand their consumer rights. Whether you are cancelling because your circumstances have changed, you have found better value, or you simply cannot afford the premiums anymore, Yafee ensures you know exactly what you are entitled to and how to claim it. Visit Yafee today to access guides for cancelling other financial services and protecting your refund rights across New Zealand.