AXA extends cover for 457 visas
Thursday, 3 July 2008 12:20pm
AXA upgrades its individual life insurance suite to include cover for 457 visa holders and separately, better cover for prostate cancer.
As part of the firm's annual life insurance upgrade, 457 visa holders can now obtain a two-year income protection insurance policy.
Visa holders that achieve permanent residency can renew the insurance policy on a long-term basis by providing a one-page ‘declaration of good health', which outlines their health has not deteriorated since the original policy was initiated.
Stephen Rosengren, AXA head of individual life, said providing life insurance to 457 visa holders is an Australian first.
He said there are more than 83,000 skilled temporary visa holders in Australia and the intake keeps rising each year.
The firm also extended its comprehensive cancer options to include prostate cancer classified as T1 or greater, and requiring therapy, can receive a full benefit.
Prostate cancer is the second most common cause of cancer deaths in men, with approximately 3,000 men dying of the condition each year.
“If you're diagnosed with T1 level cancer, normally we'd only pay the benefit if it became T2, but we've reduced that requirement," said Rosengren.
In addition, AXA reduced its stepped premiums by 10 per cent on average to ensure more Australian's retain their insurance policies when they need it the most.
“Whilst level premiums are more expensive initially, over time they are a cheaper way to purchase insurance and more affordable as you reach retirement age," he said.
“A 40 year old male old non-smoker with $750,000 life insurance cover would pay $584 per annum for a stepped premium compared to $1,253 a year for a level premium," he said.
“But over a 30 year period, he would save more than $121,000 if he chose a level premium from the outset."
Michael Hobbs
This story was found at: http://www.financialstandard.com.au/news/view/23424
Printed: Tuesday, 6 January 2009 5:07pm