AXA Australia has launched major changes to its financial protection products and associated services with effect from 19 April 2010.
Key initiatives include:
AXA’s Elevate Integration
AXA’s retail insurance range, AXA’s Elevate, has replaced the insurer’s group insurance offering across its Summit, Generations and iAccess investment platforms.
Launch of Blended Premiums
Blended premiums are now available as a hybrid plan alternative, combining elements of both level and stepped premium structures (see AXA to Launch Blended Premium Option).
Key features of the blended premium structure include:
- Entry age: 25 to 50
- Stepped premium rates apply for first 10 years
- Level premiums thereafter to age 60, except where CPI increases have been accepted
- Reversion to stepped premiums after age 60
Blended premiums are available across lump sum plans, across both ordinary and superannuation contracts.
Linking Insurance Plans to SMSFs
AXA has Clients can now link their non-superannuation trauma and TPD insurance options to a Self Managed Superannuation Fund (SMSF) owned life insurance plan.
AXA Head of Individual Life, Stephen Rosengren, commented “Clients will now be able to benefit from the best of both worlds with tax-effective life insurance in superannuation and faster access to their benefits in the event of a claim.”
These three main initiatives are underpinned by other product and service enhancements, including:
- Reduced stepped premiums on life and TPD cover: 1% – 2% life cover discount and 1.5% – 3% TPD cover discount, based on age bands 25 – 34 next birthday and 35+next birthday
- Increase to large sum discounts for sums insured of $2 million or more
- Features enhancements to AXA’s SuperLink plans, including:
- Life buy-back options
- access for owners of self-managed superannuation funds
- TPD options
- An easier to complete questionnaire for children’s trauma options
- Clearer CPI rules for reinstated trauma and life plans
- More concise documents that are easy to understand
Continuation of Life Cover Upsell Campaign
AXA also advises it is continuing its life cover upsell campaign for clients who did not respond to the original campaign in November 2009.
Eligible clients are offered the chance to increase their life insurance sum insured by 25 per cent, without the need for underwriting or application forms.
Clients were sent letters on 19 April and have one month to respond.
A new product disclosure statement has been issued, effective 19 April 2010, and can be accessed by clicking the following link: AXA’s Elevate Insurance Solutions No 8 190410.
