AXA Income Cover Product Review
AXA is an award winning financial establishment that has its 2,000 employees presently managing more than $54 billion on behalf of its clients who are brought to it by over 1,300 financial advisers. It is a company formed from the combining of AMP and AXA Asia Pacific Holdings. Two of Australia and New Zealand's oldest financial organisations. The combined company specialises in all matters concerning financial management including life insurance, and policies akin to life insurance, such as AXA income protection.
AXA's Suite of Income Protection Products
AXA income protection is structured to provide you with up to 75 percent protection of your gross earnings if, as a result of illness or injury, you are unable to continue in your usual occupation. The main benefit you will get from an AXA income protection policy is its flexibility. It is an income protection insurance policy that can be designed to fit in with your particular needs as well as the specific level of insurance that you find most suitable. To give clients the utmost in choice, AXA offer five different types of income protection insurance, these being:
- Income Insurance Superannuation Plan
- Income Insurance Senior Professionals Plan
- Income Insurance Plan
- Income Insurance Plan Plus
- Income Insurance Premier Plan
These plans are all built around giving you up to 75 percent of your income net your business expenses, and before you are obliged to pay tax. You will also receive a 100 percent superannuation guarantee contributions (9 percent.) AXA will ensure you are able to continue paying your day to day living costs which include any mortgage and other loan repayments, rent or home maintenance costs, water, gas and electricity bills as well as your family food expenses.
Benefits of AXA Income Protection
The need for AXA income protection insurance becomes obvious when you consider the financial position you might find yourself in if you were to become sick, or suffered an injury, whereby you wouldn't be able to continue working for a prolonged period of time. You simply have to ask yourself the question, 'how long would I be able to meet all my financial commitments? If you see a hardship emerging, you would be well advised to not run the risk that everything will be alright. It is precisely this carefree attitude that could see the end of your business; a business you had worked so hard to build, simply because to decided to run an unnecessary risk. Just as much as the survival of your business relies of cash flow so does your ability to live and pay your way.
In order to assist you in making your decision you may consider the following facts:
- In the calendar year 2010 AXA paid out a total of $164.8 million in income protection claims.
- During the 10 years to 2008 hospital admissions, both public and private, grew by 37 percent.
- People under 65 years of age are prone to accident and subsequent injury outside the workplace as the most common causes of disability preventing them from attending work. Work related injuries come in second, remembering you will only receive WorkCover benefits if you are actually injured at work.
AXA Income Protection Special Benefits:
- While you are receiving AXA income protection, AXA will waive all premiums on all other AXA insurance products you hold, which would otherwise require payment. These policies could include total and permanent disability, trauma and life insurance.
- A special feature of your AXA income protection schemes; Income Insurance Premier, Income Insurance plus and Income Insurance Plans, is that where a specific sickness and injury benefit has been successfully claimed, there is no waiting period involved. Your payments will be made even if you are not totally disabled and payments will continue to be paid even after you return to work.
- Benefits will be paid to people in certain occupations to the age of 70 years, where needed, to allow for people who wish to continue working later in their lives.
- There is also a death cover built into AXA income protection plans, even where no claim is currently being paid. If a policy holder dies AXA will pay a lump sum amount equal to six times the monthly benefit to a maximum of $60,000. This benefit is payable on Income Insurance Premier and Income Insurance Plus policies.
- Income Insurance Plus and Income Insurance Premier policies also have an inbuilt feature that reimburses an immediate family member accommodation expenses of up to $300 a day, up to a maximum amount of $10,000, to be near you while you are in hospital or rehabilitation.
- You will also be able to increase your level of cover by 20 percent every three years without having to undergo any further medical examination, or give other personal information. This applies to all five AXA income protection policies.
AXA firmly believes that all its clients deserve and will be given sound financial advice at all times whereby they can properly plan their financial futures rather than leaving anything to chance. As one of the country’s biggest financial advisers, they have a wealth of expertise and knowledge available for all their advisers to tap into, in order to ensure all advice given is accurate and up to date.
AXA Income Protection F.A.Q
Q. Where can I get an AXA Income Protection Claim Form?
- A. Claim forms for Income Protection policies can be obtained from the insurers website or by contacting the insurer by email or telephone.
Q. How long before the AXA Income Protection payment is provided?
- A. This will depend on the waiting period that has been selected by the insured at the time of application. Waiting periods of 14, 30, 60 and 90 days are available.
Q. What is the maximum entry age for AXA Income Protection Insurance?
- A. In most cases, this cover is available to applicants aged between 18 and 60 years of age.