AXA launches a blended YRT and level premium structure
AXA has launched a new "blended" premium where customers receive the combined benefits of affordability with ‘stepped' in its early stage and certainty from ‘level' premiums later in life.
Tuesday, October 19th 2010, 4:30PM
AXA NZ financial protection general manager Mark Ennis says it's an ideal solution for many people, including young New Zealand families who want long-term life cover but cannot yet afford level premiums.
"Paying for level premiums can be harder earlier in life when people are juggling other financial demands, such as mortgages and a young family and stepped premiums, which increase as you age, can be too expensive for older people."
He says the new blended structure helps customers maintain their protection while balancing the other financial demands through life.
The "blended" premium is stepped for the first ten years and then switches to level until the policy owner turns 65. It is priced slightly higher than stepped premiums and rises for the first 9 years of cover, just like a stepped premium. After this period, the premiums become level until the life insured reaches age 65.
The new premium option has been launched to market this month, and is available for new term life policies.
It represents the latest innovation from AXA New Zealand which is strategically focussed on improving its financial protection offer.
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