Asteya Review: Why It’s 100% Worth It

January 10, 2022
Reviews

Asteya is an income insurance provider that substitutes a portion of your income if you become disabled or are unable to work. Users are eligible to receive 50-65% of their income, all of which is tax-free.

Asteya provides a safety net to protect you and your family's lifestyle if you are the sole income earner. Asteya is a great option for freelance workers and people who have trouble finding insurance due to their low credit. If you’re looking to safeguard your income in case of any eventuality, we believe Asteya is the best way to do it.

What Is Asteya

Asteya is a Miami-based disability insurance startup geared toward small company owners and gig workers. Freelancers, gig workers, and small businesses are eligible for coverage, from $50,000 to $500,000. Currently, it is only available in certain states of the U.S., including California, Texas, Florida, Illinois, and Georgia, among others.

Asteya offers income insurance – a type of insurance that protects your income if you're unable to work due to a health problem. These advantages that Asteya provides are intended to take the place of a portion of your monthly or weekly earnings so that you can maintain your standard of living and pay for routine costs while you are disabled. Asteya provides insurance to employees who traditionally can't find many income protection solutions, such as entrepreneurs, freelancers, and small businesses workers.

In this Asteya review, I'll share my honest thoughts on if it is worth it and make a recommendation of who it's best for.

Pros & Cons Of Asteya

Pros

  • No Paperwork: To sign up you don't need any medical test or doctor's appointment. No proof of income and no phone interviews are required either – wholly unlike what most insurance companies out there require.
  • 100% Online Signing Process: Asteya's sign-up process is fully online, and it won't take more than 4 minutes of your time. All you need to do is answer a couple of questions about your personal, work, and medical history. You will receive a quote instantly at no cost.
  • Customizable Plans: You can customize your plan based on your needs. Asteya offers insurance ranging from $50,000 all the way to $500,000 to individuals and small businesses. You can constantly customize your plan to include more benefits or reduce them.
  • Guaranteed Payment: In the event of a health issue that leaves you unable to work, Asteya offers monthly payments ranging from 50% to 65% of your regular salary.
  • Affordable Insurance: Asteya's prices start at $6 – more than reasonable for what you get. It is by far the most affordable income insurance in the market right now. If you want to secure yourself against any eventuality, the small investment s a no-brainer.
  • Trustworthy: Asteya is backed by insurance heavyweights Munich Re and underwriters at Lloyd's. Its top investors include big companies like Capital Factory, I2BF Ventures, and Cap Meridian Ventures.
  • No Cancellation Fees: If you're not completely satisfied with the policy or service after 30 days, you can cancel at any time, and you will receive a full refund, no questions asked. You can cancel afterward without paying any fees, but you won't receive a full refund.
  • Gender Neutral: Asteya prides itself in the fact that it offers the same rates to everyone, so at no point during the process will you be asked to provide your gender.

Cons

There's really just one downside, the availability. The other two are more of an industry limitation.

  • Limited Availability: Asteya is currently only available in certain states of the U.S. American citizens applying must reside in the U.S. and have no plans of leaving in the next 12 months.
  • Eligibility: As with most insurances out there, you may not be eligible for coverage right now if you have a history of pre-existing medical conditions. 
  • Age Restriction: As with most insurances out there, there's also an age restriction. You must be within a certain age range to qualify for Asteya's income insurance. Case dependent, but it's usually 20 to 50 years old.

Now let's take a deeper look at what exactly income insurance is and how Asteya can help.

Features & Benefits

#1 Quick & Easy Signup Process

The signup process is fully online and you can get an initial quote in less than four minutes. You can go from quote to policy in less than 30 minutes.

#2 No Paperwork

To sign up for Asteya's income insurance you don't need any paperwork, no proof of income, no medical exams, and no phone interviews.

#3 Receive 50-65% Of Your Salary

If you are unable to work, Asteya makes sure that you receive regular monthly payments in place of your salary so you and your family can maintain your lifestyle.

#4 Tax-Free Payments

All payments you receive from Asteya are 100% tax-free. Asteya makes sure that during this time of stress you can focus on what's really important.

#5 Ideal For People With Low Credit

Asteya is available for everybody, especially people who may not have access to paid leaves: freelancers, small business owners, and people with low credit scores.

How Does Asteya's Income Insurance Work

Asteya kicks in If you experience a disability that leaves you unable to work. It pays you a benefit that is meant to replace a portion of your net income (before tax) – usually, this amount is between 50% and 65% of your earnings from your regular job. The income you receive is tax-free

This percentage depends on the plan you choose – the higher the premium, the higher the percentage and thus the amount. An important consideration is that you can't claim income protection payments as soon you become disabled or fall ill. Usually – and this is industry standard – you have a waiting period, also known as the elimination period, before you can claim the benefit. It usually lasts between 30-90 days. More on this in the FAQs at the end.

Requirements To Apply 

Here are the requirements to apply for Asteya's income insurance:

  • Age: You must be between 20 and 50 years old.
  • Residence: You must be a U.S. citizen residing in the U.S.
  • Income: Your minimum yearly income has to be at least $25,000 before tax
  • Travel: You must not have plans to visit Africa, Asia, or Antarctica for more than 5 days in the next 12 months.

Pre-existing medical conditions may make you ineligible.

Why Is Income Insurance Important

In the event of a health issue, Asteya's income insurance allows you to maintain your standard of living by providing a safety net to fall back on. Having a disability is more common than you may think – let's look at some numbers. In 2021:

  • Only 42% of U.S. households have enough to cover three months of expenses.
  • Only 27% of U.S. households can cover at least six months.
  • Three out of ten American adults can't pay an unexpected $400 bill.
  • One in four young adults will be out of work for at least a year due to a disabling condition before retirement age.

Most of us don't have enough cash on hand to cope with financial difficulties for lengthy periods, and if you're the sole provider for your family, losing your job can bring a lot of difficulties.

This is where Asteya comes in handy. Asteya provides an alternative to avoid financial strain in the worst-case situations.

Asteya Pricing

Asteya's prices start at $6/month – more than reasonable for what you get. It is by far the most affordable income insurance in the market right now – almost half the price of its closest competitor, Breeze – and if you want to secure yourself against any eventuality, the small investment is really a no-brainer.

Here's a table comparing some of the prices you can expect, based on your age and the state where you reside. This is a very rough estimate for a 12-month policy for healthy people and a $50,000 lump-sum payment.

In the next section, we explain how to apply and receive a full quote.

AgeCaliforniaFlorida
30-year-old$7.11$7.22
40-year-old$8.78$8.93
50-year-old$16.42$16.70

How To Apply

One of the biggest benefits of Asteya is how easy it is to apply. In less than two minutes, you can have an initial quote, and in less than four, you can get the full quote. This is how it goes:

#1 Visit the Page Asteya.world

#1 Click on the Get Started banner.

#2 Fill out some very basic information (This is to confirm Asteya is active in your state).

#3 You will receive an initial quote immediately. Keep in mind that this quote is based exclusively on your age and the state where you're currently residing, so this is just to get an idea.

#4 If you find the quote reasonable, you can continue the application process for a more accurate quote – by pressing Apply Now. Free of charge.

#2 Click The Apply Now Banner

#1 Answer the personal and work-related questions – truthfully. Remember that the service is only available for U.S. citizens with a yearly income of at least $25,000.  

#2 Answer the Medical Questions to receive the final quote. Keep in mind that If you have a history of pre-existing medical conditions, you may not be eligible for coverage right now.

#3 Based on your answers and the Benefit Amount you chose, you will be given details about your Policy Period and the Waiting Time – the former is the period your lump sum benefit is payable, and the latter is the time you have to wait before you receive it. 

#4 To finish the process, register a method of payment. You won't be charged until your application is issued.

Reviews

Asteya has very positive reviews from its users, and it holds an average rating of 4.2 on Trustpilot.

Here's what some of those users have to say about Asteya:

  • “User friendly and easy to understand” – Carla F.
  • “Asteya provided easy-to-understand information and knowledge about what services they offer and how it could help benefit me. I would recommend Asteya to all of my family and friends.” – Tamra H.
  • “Easy application to fill out was done in 10 mins” – Gena G.
  • “Great and simple process” – Arianna E.
  • “Fair and quick” – Kelsey W.

In Summary

Asteya is an income insurance provider that substitutes a portion of your income if you become disabled or are unable to work. Users are eligible to receive 50-65% of their income, all of which is tax-free.

Asteya provides a safety net to protect you and your family's lifestyle if you are the sole income earner. Asteya is a great option for freelance workers and people who have trouble finding insurance due to their low credit. If you’re looking to safeguard your income in case of any eventuality, we believe Asteya is the best way to do it.

Asteya is an innovative startup led by CEO and Co-founder Alex Williamson, Bumble's ex-chief brand officer. All the company's insurance policies are backed – through an MGA license – by insurance giants Munich Re and underwriters at Lloyd's.

Despite being a startup, it already has the backing of other big-name investors such as I2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar, and Atrum – having so many backers so early is a good sign for its long-term potential. If you're looking to safeguard your income in case of any eventuality, we believe Asteya is the best way to do it.

Asteya FAQs

Who Is Asteya For?

Asteya's income insurance is for anybody who is looking for financial security. You might want to consider it if you: 

  • Don't have sick or annual leave because you are self-employed or run a small firm.
  • Have a family that depends on your income.
  • Have debt that requires weekly, monthly, or annual payments.
  • If you are young and healthy. Getting a policy is simpler, and the premiums are much lower.

A good rule of thumb is to ask yourself if you could manage if you could not work for an extended period. If the answer is no, you should consider Asteya's income insurance.

I Finished The Application. What Next?

One of Asteya's examiners will contact you to begin the process of confirming the appropriate medical data and approving your claim.

How To File A Claim

Asteya's claim process is among the fastest in the industry since everything is done online. 

You can speed up the process by sending the required documentation – the proof of loss form – to the relevant parties, in this case, the examiner Asteya assigned you. You can also reach out to Asteya directly. 

What Is A Proof Of Loss Form

The proof of loss form is a document that provides the insurer with specific information about an incident. This includes the cause, the resulting damage, and the financial impact of the incident.

My Claim Was Approved. What next?

You'll have to wait before receiving your compensation. The period between the moment your claim is approved and the start of your payment plan is known as the waiting period. Depending on your policy, your payment may be paid out monthly or at once in a lump sum.

What Is The Waiting Period 

Also known as the elimination period, it's the time between the approval of your claim and when you start receiving payments. Waiting periods differ in length (typically 30, 60, and 90 days) and are determined by when you apply for income insurance benefits. Longer waiting periods generally result in lower premiums.

How Will I Get Paid

Depending on your policy, your payments can be monthly or at once in a lump sum.

My Claim Was Denied. What Can I Do?

If you believe your claim was denied unjustly, you can reach out to your examiner to appeal the decision – within the time limit outlined in the policy.

My Claim Was Denied. Am I Still Eligible To Receive Other Asteya Benefits?

Yes. However, keep in mind that any medical information Asteya may have obtained about you as a client will be taken into account when determining your insurance rates.

When Do I File A Claim

When you suffer from a disability or injury that has kept – or is currently keeping – you away from work.

Can I File My Claim Before Having A Health Issue

No. You must have a doctor of the appropriate specialty complete your proof of loss form before you can file the claim.

How Can I Track The Status Of My Claim

You may check the status of your claim through your assigned examiner, a licensed insurance agent, or Asteya. Keep in mind that the time it takes to receive coverage will be determined by the policy you choose.

When will the benefits end

The payments will end when one of three things happens: 

  • Your disability ends.
  • You can go back to work. 
  • The policy's benefit period and/or lump-sum allowance runs out.

I Want Τo Cancel. What Do I Have To Do

If you're not completely satisfied with the policy or service after 30 days, you may get a full refund. You can cancel at any time without paying any fees, but you won't receive a complete refund.

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