Rating: 5/5
Introduction
AXA Insurance is a financial services company offering a comprehensive range of insurance for Individuals and Groups, including:
- Life Insurance
- Total and Permanent Disability Insurance
- Trauma Insurance
- Income Insurance
- Business Expenses Insurance
For reviews of other insurance companies similar to this one, you should also check out AMP Insurance Reviews, Ansvar Insurance Reviews and Insurance Line Insurance Reviews.
I was immediately impressed with the number of awards the company has earned: Best Term & TPD Insurance category in Money magazine's 2011 Best of the Best awards, a five star rating by CANSTAR Cannex for outstanding value for its Total and Permanent Disability Insurance, and the Australian Financial Review Smart Investor SMILES Award in 2009. However, I found the website to be a bit boring and I don't feel they provide much information on their policy, which left me wondering, why should I - or any consumer purchase from AXA?
I got an answer regarding their Group Insurance:
- Total and Permanent Disability (TPD) cover accessible for longer to age 70 - because people are working to an older age and require longer periods of coverage
- TPD tapering is optional, with a 10% annual taper - much lower than other companies
- The only insurer to offer a standard three month waiting period for TPD, rather than six which is common with most companies
- Claim on day ONE for certain TPD conditions
- Life events cover up to age 65
- Group Salary Continuance (GSC) to age 70
- Flexible ‘return to work' rules while receiving GSC benefit
- Full death benefit paid on diagnosis of a terminal illness
- Nursing care benefit - you only need to be in are for 2 days before benefits kick in
- Trauma Benefits with no qualifying period
- Continuation option for death cover with most insurers is until age 60. AXA provides until age 65
- Twenty-four month Parental Leave cover, rather than the standard twelve month
