Income Insurance Premier Plan.
New Income Protection product - Income Insurance Premier Plan - has been launched, which replaces the Income Insurance Professionals product. It provides more comprehensive cover and is available to:
Expansion of Total Disability definition.
A new three-tier Total Disability definition has been added to AXA's new Income Insurance Premier Plan. This definition gives you the ability to be assessed on a duties, hours or income basis, providing you with more flexibility when it comes to claim time.
Updated Partial Disability definition
AXA's partial disability definition has been broadened and now offers greater financial security.
If you are able to return to work in a limited capacity you can claim without needing to be totally disabled during the waiting period. Further protection is available if you can only work limited hours due to your disability.
Improved income replacement ratio for high income earners.
AXA has improved its income replacement ratios for income insurance. The new ratios not only simplify calculations, they enable high income earners to obtain more insurable income.
The new ratio is:
to a maximum of $30,000 per month.
Medical and dental graduates offer.
A new offer for medical and dental graduates has been introduced, offering them more cover and security.
The offer gives new medical and dental graduates the ability to purchase an agreed value income insurance plan of up to $6,250 per month (including Superannuation Guarantee Contributions), without the need to provide financial evidence at underwriting stage or at claim stage for total disability. When a partial disability claim is lodged, proof of pre-disability income must be provided.
When AXA upgrades or improves the features of its product range, they may pass some or all of those changes onto existing plan holders. Improvements are automatic and free of charge - there is nothing you need to do.
If you currently have these AXA Income Protection Insurance products:
the changes outlined above will be applicable to your respective benefit(s).
These upgrades provide improvements to your plan including additional benefits and improved definitions. You will still retain your existing terms and conditions, and continue to pay the premium rates for your existing plan. Any upgrades and/or changes to your plan definitions will always be reviewed at claim time to ensure you are assessed using the definitions that benefit you the most. This means that should a definition or benefit from your original plan be more beneficial to you, you will still be eligible to claim under your original plan definitions.
As always - if you have any questions or want to check if you have a competitive income protection cover - please contact us on 1300 793 143 and one of our advisers will help you.