Financial services firm Axa Australia has boosted its insurance offer Elevate to address longevity risk.
“As we have seen with the development of our North products, the need to address longevity risk is one of the key challenges this industry faces over the next 30 years,” Axa head of individual life insurance Stephen Rosengren said.
Level premiums are now available on term, total and permanent disability (TPD) and income protection products to age 70, from 65.
“The maximum monthly income protection benefit has also increased from $30,000 to $60,000 per month,” he said.
Additionally, Rosengren said changes have been made to a range of trauma definitions, including melanoma and carcinoma. He said there has also been an increase to the partial benefit payment for the early detection of cancer.
“Payments of up to 20 per cent of the sum insured can now be made, up to a maximum of $100,000,” he said.
Axa had also simplified the underwriting process with a new short form personal statement for Elevate online.
“For life cover up to $500,000 and for individuals up to 50 years of age, we have introduced a quick and simple process for people with basic protection needs,” Rosengren said.
