AXA Life Cover Product Review
Have you thought of the future of your loved ones if you were to pass away suddenly? While you may like to think that nothing will happen to you, life can be unpredictable and it is important to think about having a protection cover in place for you and your family.
If you are the main income earner of the family, consider the benefits that AXA life insurance can provide you. It provides a lump sum benefit payment in the event of your death or upon a diagnosis of a terminal illness, which can be used to meet any financial commitments that your family may have.
Types of AXA Life Insurance Premiums
What a comfort it would be if there is an insurance provider who understands your needs for cover while considering your finances. AXA Life Insurance identifies with their clients’ various financial abilities that they have not only two, but three kinds of premiums that would suit your financial capabilities.
- Stepped Premiums are premiums that increase or adjusted each year you grow older. In this type of premium, you will just have to pay a lower initial payment. The entry age under the stepped premium is from 11 – 70.
- Level Premiums may require you to pay a much higher initial payment than the stepped premium, but you will have a fixed premium throughout the whole term of the plan, unless additional cover is requested. Under the level premium, the entry age is from 11 to 65 years old.
- Blended Premiums are the newly introduced scheme in the AXA Life Insurance policy. If you think that the stepped or level premium is for you, then the blended premiums, which increases on the first 10 years of cover and becomes fixed after that period of time until you turn 60, might be for you. This premium scheme is ideal for young professionals because the entry age is from 25 years old to 50.
AXA Life Insurance Benefits
Aside from the different expiry age on coverage, both the AXA Life Insurance and the Life Insurance Superannuation Plan have similar benefits.
- Terminal Illness Benefit
If you have been diagnosed as terminally ill and have less than 12 months to live, you will be paid a terminal illness benefit even before the plan ends.
- Accommodation Benefit
A maximum of $150 a day will be paid to you for a maximum of 14 days for each day you are confined in bed or a family member is required to stay with you.
- Advance Payment of Funeral Expenses
You will be paid a sum of either $20,000 or the amount insured, whichever is lower, in the event of death. The policy owner, the nominated beneficiaries, or the estate has the right to claim the benefit to meet funeral expenses.
- Financial Plan Benefit
After you receive 100% payment of the life insurance benefit and has obtained a financial plan from a financial adviser within 6 months of receiving the benefit, the financial adviser will be paid for the services he has rendered. Even if the financial adviser has been paid, the amount of you benefit will not be affected or lowered.
- Future Insurability Benefit
If you are worried that inflation would greatly affect the amount of your life insurance plan, the Future Insurability Benefit allows you to increase your benefit amount once every 12 months in step with the inflation.
- Benefits Upgrade
If improvements are to be made to your plan, you will be allowed to upgrade your benefits without undergoing and submitting additional medical evidence.
- 24/7 Worldwide Cover
As the name suggests, you have a 24/7 cover anywhere you go in the world once you enrol and is accepted in this plan.
Aside from the above mentioned benefits, AXA Life Insurance has other optional benefits like the:
- Business Solutions Option
This feature or option allows you to increase your insured benefit in line with the value of your business.
- TPD Insurance Option
If you chose to have this feature in your Life Insurance policy, you will receive a payment in the event you become totally and permanently disabled.
- Premium Waiver Option
Under this option, your premiums will be waived if you are totally disabled, or involuntarily unemployed.