AXA Australia has updated its AXA Elevate insurance offerings to help 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,” said AXA head of individual life insurance, Stephen Rosengren.
“The changes to our income protection plans acknowledge the reality that many Australians will work longer, with new income insurance plans now having an additional benefit period option up to age 70.”
Changes to AXA Elevate’s offerings include level premiums on term, TPD, trauma and income protection products to age 70; an increase of the maximum monthly income protection benefit from $30,000 to $60,000; as well as changes to a range of trauma definitions, including melanoma and carcinoma.
Rosengren also announced an increase to the partial benefit payment for the early detection of cancer. He added that payments of up to 20 per cent of the sum insured can now be made, up to a maximum of $100,000.
