Axa has become the first Australian insurer to offer income protection to temporary residents with a working visa.
Axa has enhanced its risk offering to the industry and in the process becomes the only domestic insurer to provide income protection cover to temporary residents working in the country as a 457 visa holder.
"Based on the figures we can get there are around about 83,000 people in Australia now working on these types of visas. We believe it's a growing trend and it's another part of the market no other insurer has focused on," Axa head of individual life Steven Rosengren said.
"We want to offersomething to these people, we believe they are adding to Australia's economy in making a contribution, and we want to make sure they have access if they become disabled to the same rights as normal residents have."
The new coverage incorporates a two year benefit with a minimum of a 30 day wait, and will be in the form of an indemnity style contract. In addition policy holders will be able to easily convert their short term cover into a longer term arrangement if they end up with permanent resident status.
The enhancement was implemented as part of Axa's yearly review of its financial protection arm that also included trauma coverage for prostate cancer.
Under this initiative Axa is covering low levels of detected prostate cancer and will pay a benefit up to $10000 for minor procedures with the full trauma benefit being issued for more serious levels of treatment such as radiotherapy or chemotherapy.
In addition Axa has reviewed the price of its level premiums and on average has lowered them by 10 per cent in order to allow clients to maintain their financial protection in later stages of life.
"We've been noticing a significant drop off where people are questioning the value of their insurance under the step premium basis," Rosengren said.
As such Axa is attempting to give policy holder better pricing options.
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