Coinciding with the launch of AXA’s new online application and underwriting solution, AXA’s Elevate Online, the insurer has initiated a number of key updates to its retail risk insurance product range.
Effective from 17 August 2009, AXA has re-branded its retail risk insurance range to ‘AXA’s Elevate’, and has introduced a number of key enhancements intended to offer flexibility for the client both inside and outside of the superannuation environment, including:
New ‘SuperLink’ Feature
SuperLink links non-superannuation trauma and TPD with life cover under AXA’s Life Insurance Superannuation Plan.
Because a rider premium is charged for SuperLink plans compared to being purchased as a stand alone plan, the premium reduces and becomes a more attractive proposition for the client.
Previously, AXA did not link non-superannuation policies to a Life Insurance Superannuation Plan.
Partial Payment for Heart Attack
In what it describes as an ‘industry first’, AXA has introduced a partial payment for some Heart Attack cases: ‘Heart Attack - Other’.
This benefit is payable for those heart attack cases that do not meet the insurer’s full Heart Attack definition.
20% of the insured benefit is paid on eligible claims, to a maximum of $100,000 and is offered under both the Trauma and Trauma Plus plans.
Subject to a 90 day qualifying period, AXA points out that multiple payments are possible under this benefit, which automatically applies to all current policy holders who have taken out cover since AXA’s 2005 series.
AXA also notes that 25% to 30% of all heart attack events do not meet the conditions required by most insurers’ heart attack definitions.
Enhanced Specific Injuries and Illnesses Benefit
Under Specific Injuries and Illnesses, AXA has increased to 37 the number of injuries and illnesses for which it will now pay the client a benefit without a waiting period (previously restricted to eight injury/illness events).
Other Enhancements
Other key enhancements include:
- Introduction of an ‘involuntary unemployment’ clause into AXA’s Total Disability Premium Waiver option (paying up to 12 months’ premium)
- Removal of CPI caps on lump sum insured benefits
- Increase to $20,000 for funeral expenses (previously $10,000)
- Partial TPD payment increased to 25% of sum insured to maximum of $500,000 (previous maximum was $250,000)
- Upgraded ‘Any Occupation’ TPD definition to now include a ‘reduced earning capacity’ clause (full benefit still payable if claimant unable to be paid at a rate greater than 25 per cent of his/her income during last 12 months of work)
- New partial trauma payment - Severe Burns
- Upgraded definitions - Blindness, Major Organ Transplant, Encephalitis
- Cancer early payment upgrade
- Increase to 37 the number of events claimable under Child Trauma (previously 13)
- Enhanced Cosmetic Surgery definition
This product update and re-branding initiative from AXA, together with the launch of AXA’s Elevate Online, represents what the company refers to as its half way point in a three-year campaign in which it aims to regain a leadership position in the Australian financial protection market.
AXA’s $30 million+ development programme, launched in March 2008, focusses on three key elements of:
- Service
- Relationships
- Product
