AXA Australia has announced a range of enhancements to its AXA’s Elevate product suite, including changes to address the issue of Australians living and working longer.
In what it says is an industry first, AXA now offers level premiums to age 70 for life, TPD, trauma and income protection covers. The insurer has also introduced split premiums, which will enable clients to nominate different premium arrangements for different cover types within the same policy.
AXA Senior Product Manager Individual Life, John Ashton, said the enhancements were focussed on ensuring Australians who had chosen to work beyond age 65 had access to affordable cover.
“As we have seen with the development of our North products, the need to address longevity risk is one of the key challenges this industry faces over the next 30 years,” said Mr Ashton.
“Trauma is the contract that most people find expensive, especially as we age, so being able to make this part of your insurance a fixed cost using our new split premium feature can help clients maintain their insurance needs into their older ages providing them maximum protection and flexibility when they need it most,” he added.
As well as improved premium flexibility, AXA has announced:
- Enhanced trauma definitions, including prostate cancer, coma, benign brain tumour and severe burns
- The introduction of a 5% discount for life, trauma and TPD premiums when a policy is taken up by at least two people in a business relationship
- A new event under the Future Insurability benefit which recognises the registration of a de facto relationship (including same-sex couples)
The enhancements became effective on 19 September 2011.
