{"id":7480,"date":"2010-08-17T13:14:45","date_gmt":"2010-08-17T03:14:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=7480"},"modified":"2020-02-06T08:11:30","modified_gmt":"2020-02-05T21:11:30","slug":"axa-elevates-insurance-offer","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/08\/17\/axa-elevates-insurance-offer\/","title":{"rendered":"AXA Elevates Insurance Offer"},"content":{"rendered":"<p>AXA Australia (AXA) has maintained\u00a0its business\u00a0focus in launching an upgraded market offer for its AXA&#8217;s Elevate risk products range.<\/p>\n<p>Following the completion of its national roadshow presentations last week, the enhanced AXA&#8217;s\u00a0Elevate proposition comes into effect this week,\u00a0from 16 August 2010.<\/p>\n<p><!--more-->While there have been enhancements across both lump sum and income protection products, it has been income protection products\u00a0that have seen the more significant changes.<\/p>\n<p>Delivered to advisers via a baseball-linked theme of providing &#8216;&#8230; an insurance solution that covers all bases&#8217;, key changes include:<\/p>\n<p><strong>Income Protection<\/strong><\/p>\n<ul>\n<li>Launch of a new IP product, Income Insurance Premier Plan, which replaces the Income Insurance Professionals product.\u00a0 Provides more comprehensive cover down to occupation categories B and C as well as the professionals and other A class categories.<\/li>\n<li>Expansion of Total Disability definition (Premier Plan)\u00a0to include the three-tiered assessment option at claim time of either hours (the 10-hour definition), duties or income<\/li>\n<li>Updated definition of partial disability<\/li>\n<li>A new offer to medical and dental graduates of a maximum of $6,250 monthly benefit without financial evidence at underwriting or cliam time for total disability (but proof of pre-disability income needed for partial disability claims)<\/li>\n<li>Improved \u00a0income replacement ratios for high income earners<\/li>\n<\/ul>\n<p><strong>Lump Sum<\/strong><\/p>\n<p>Focus mostly on trauma insurance:<\/p>\n<ul>\n<li>New trauma definitions introduced for:\n<ul>\n<li>Rheumatoid arthritis<\/li>\n<li>Advanced diabetes<\/li>\n<\/ul>\n<\/li>\n<li>Enhanced definitions for:\n<ul>\n<li>Multiple sclerosis<\/li>\n<li>Muscular dystrophy<\/li>\n<li>Parkinson&#8217;s disease<\/li>\n<li>Alzheimer&#8217;s disease and other dementias<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>AXA&#8217;s Chief Medical Officer, <strong>Goran Lazic<\/strong> briefly shared with advisers the nature of each of these diseases within his roadshow presentation, including the mostly debilitating impact\u00a0they have on\u00a0people, while at the same time noting the increasing incidence of many of these\u00a0diseases over time.<\/p>\n<ul>\n<li>Extension of child trauma to include death and terminal illness cover<\/li>\n<li>Removal of 12-month wait for life cover buy-back within the TPD option<\/li>\n<li>Enhanced waiting period rules covering life buy-back under the trauma option<\/li>\n<li>Maximum TPD limit increased to $5 million (for both any and own occupation) for high income earners<\/li>\n<\/ul>\n<p>The insurer also stressed to advisers that all future benefit upgrades will be passed back to existing policy holders automatically\u00a0(assuming the benefit is more favourable) rather than AXA having the choice.<\/p>\n<p><strong>SuperLink<\/strong><\/p>\n<ul>\n<li>AXA has extended policy ownership structures within its SuperLink insurance option to now\u00a0include non-superannuation entities such as businesses and family trusts<\/li>\n<\/ul>\n<p><strong>Premium Pricing<\/strong><\/p>\n<p>In its update document, AXA notes the following:<\/p>\n<ul>\n<li>Income insurance premiums generally reduced (but some increases in the standard plan)<\/li>\n<li>TPD premiums generally reduced<\/li>\n<li>Minor increases in Trauma Plus product<\/li>\n<li>Reductions in level premiums for lump sum products after age 40<\/li>\n<li>Improved large case discounts<\/li>\n<\/ul>\n<p>AXA&#8217;s roadshow also featured contrasting personal stories from two multiple sclerosis victims, one of whom had trauma insurance, while the other did not.<\/p>\n<p>Also sharing his story was AXA&#8217;s General Manager of Sales and Marketing, <strong>Adrian Emery <\/strong>who, as a well-known and senior figure within the financial services industry, very publicly shared his very private cancer\u00a0experience, and the deep personal and professional impact this has had on his life.\u00a0 riskinfo congratulates Adrian on having the courage to share his story, one that serves to highlight the random nature of diseases such as cancer, and the immensely important role played by advisers in ensuring their clients hold adequate cover (with all the right options) as well as\u00a0the importance and value of the\u00a0role they play during the claims process itself.<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/resource-centre\/product-disclosure-statements\/axas-elevate-insurance-solutions-pds-no-9-160810\/\" target=\"_self\" rel=\"noopener noreferrer\">Click here<\/a> to access a copy of the\u00a0updated AXA&#8217;s Elevate Insurance Solutions PDS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AXA Australia (AXA) has maintained\u00a0its business\u00a0focus in launching an upgraded market offer for its AXA&#8217;s Elevate risk products range. Following the completion of its national roadshow presentations last week, the enhanced AXA&#8217;s\u00a0Elevate proposition comes into effect this week,\u00a0from 16 August 2010.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7480","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=7480"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7480\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}