AXA income protection policy upgrade

AXA insurance has made a number of upgrades to its existing income protection insurance policy branded ‘AXA Elevate Income Insurance’.

The upgrade to the AXA income protection product will be made to all existing policy holders of this particular product, either now and in the future, where there has been no increase in premium. Most importantly, AXA has stated that clients will not be detrimentally affected by any upgrade.

AXA income protection upgrade summary

• Extended benefit period option to age 70.
• Updated ‘indemnity pre-disability definition’ to ensure clients receive benefits in line with their highest consecutive 12 month earnings in the three years prior to disability.
• Ability to reduce waiting period from 2 years to 90 days, without any medical requirements.
• Increased maximum monthly benefit to $60,000.
• Increased maximum accommodation benefit to $300 per day with no limit on number of days paid.
• Increased death benefit payable for income (only the Income Protection Plus and Premier plans) and business expense insurance. 
• Extended interim cover period from 45 days to 90 days for all income protection insurance and business expenses insurance plans.

AXA introduces Elevate Income Insurance Senior Plan

People are now living longer and as a result are also working longer into their retirement. In response to this change, AXA have introduced a senior’s income protection plan which provides cover up to the age of 70. The new plan will be available to white collar workers, specifically occupations classified as MP (medical), AA (professional) and A (managerial and administration).  

At the expiry of the existing plan they will be able to convert their existing cover to the Senior Plan (subject to certain criteria being met). The Senior Plan has a benefit period of 1 year and will provide cover until age 70 (up to a maximum benefit of $30,000).

The new Senior Plan will replace the Senior Professional Plan, which will close to new business.

Related Links: AXA Insurance, Income Protection Insurance