Life Insurance – accidents, disability, death. These are the things that people tend to associate with life insurance. But if you go beyond the morbid thoughts and focus, instead, on the advantages of life insurance, then you are on to a more secure and stress-free future.

Life insurance, as most people are aware of but don’t take much notice of, provides a type of cover to you and your family if something unlikely, such as accidents and death, were to happen.

Life insurance eases the burden of what the extra expenses could do to your finances. Furthermore, it helps you and your family to adapt emotionally and mentally to changes brought about by death and disability through the financial benefit you can receive during these events.

Instead of being emotionally and financially hurt by sudden death or accidents, life insurance assures you that whatever may happen to you, your loved ones will still enjoy the same lifestyle.

AXA Life Insurance Premiums

What a comfort it would be if there is an insurance provider who understands your needs for cover while considering your finances. AXA Life Insurance identifies with their clients’ various financial abilities that they have not only two, but three kinds of premiums that would suit your financial capabilities.

• Stepped Premiums are premiums that increase or adjusted each year you grow older. In this type of premium, you will just have to pay a lower initial payment. The entry age under the stepped premium is from 11 – 70.
• Level Premiums may require you to pay a much higher initial payment than the stepped premium, but you will have a fixed premium throughout the whole term of the plan, unless additional cover is requested. Under the level premium, the entry age is from 11 to 65 years old.
• Blended Premiums are the newly introduced scheme in the AXA Life Insurance policy. If you think that the stepped or level premium is for you, then the blended premiums, which increases on the first 10 years of cover and becomes fixed after that period of time until you turn 60, might be for you. This premium scheme is ideal for young professionals because the entry age is from 25 years old to 50.

AXA Life Insurance Plans

Aside from the different premiums you can choose from for an easier payment scheme, AXA Life Insurance also designed two options where you can buy life insurance – Life Insurance Plan and Life Insurance Superannuation Plan.

These two life insurance options from AXA start with a minimum $50,000 initial sum insured with a $250 minimum annual premium on linked plans. However, their cover expiry differs with the Life Insurance Plan until 99 years old and the Life Insurance Superannuation Plan at 75.

AXA Life Insurance Benefits

Aside from the different expiry age on coverage, both the AXA Life Insurance and the Life Insurance Superannuation Plan have similar benefits.

• Terminal Illness Benefit

If you have been diagnosed as terminally ill and have less than 12 months to live, you will be paid a terminal illness benefit even before the plan ends.

• Accommodation Benefit

A maximum of $150 a day will be paid to you for a maximum of 14 days for each day you are confined in bed or a family member is required to stay with you.

• Advance Payment of Funeral Expenses

You will be paid a sum of either $20,000 or the amount insured, whichever is lower, in the event of death. The policy owner, the nominated beneficiaries, or the estate has the right to claim the benefit to meet funeral expenses.

• Financial Plan Benefit

After you receive 100% payment of the life insurance benefit and has obtained a financial plan from a financial adviser within 6 months of receiving the benefit, the financial adviser will be paid for the services he has rendered. Even if the financial adviser has been paid, the amount of you benefit will not be affected or lowered.

• Future Insurability Benefit

If you are worried that inflation would greatly affect the amount of your life insurance plan, the Future Insurability Benefit allows you to increase your benefit amount once every 12 months in step with the inflation.

• Benefits Upgrade

If improvements are to be made to your plan, you will be allowed to upgrade your benefits without undergoing and submitting additional medical evidence.

• 24/7 Worldwide Cover

As the name suggests, you have a 24/7 cover anywhere you go in the world once you enrol and is accepted in this plan.

Aside from the above mentioned benefits, AXA Life Insurance has other optional benefits like the:

• Business Solutions Option

This feature or option allows you to increase your insured benefit in line with the value of your business.

• TPD Insurance Option

If you chose to have this feature in your Life Insurance policy, you will receive a payment in the event you become totally and permanently disabled.

• Premium Waiver Option

Under this option, your premiums will be waived if you are totally disabled, or involuntarily unemployed.

Being secure or not in the future is a choice you have to make. It is never too soon to purchase life insurance to protect you and your family for any unexpected financial expenses brought by accidents. On the other hand, there might be a too late if you continue procrastinating.