The multi-benefit protection concept has now become de rigour, as the industry endeavours to encoura...
The multi-benefit protection concept has now become de rigour, as the industry endeavours to encourage a holistic approach to protection planning.
Axa's Protection Account is a comprehensive multi-benefit protection plan. It gives flexibility of construction that allows the inclusion of life cover, life or earlier critical illness (CI) cover, CI cover, income protection, unemployment benefit, waiver of premium and uniquely buildings and contents insurance. The CI cover can be arranged as an acceleration of life cover or as a stand-alone benefit. It is available on either a guaranteed or reviewable premium basis.
The plan includes all 23 of the Association of British Insurers' (ABI) defined conditions, with a further 11 conditions covered. Axa has enhanced its aorta graft definition to exceed the ABI wording by including trauma.
Cover can be adapted to match changing needs. Annual benefit indexation is available based on the retail price index. The plan also includes guaranteed insurability options for marriage, childbirth/adoption, mortgage increase and promotion. Ad hoc changes are permitted, subject to evidence of insurability. For a multi-benefit proposition to be successful, each one of its components must be able to stand comparison in its peer group. The CI element of the Axa Protection Account does this.
Nick Telfer, principal consultant, life and protection, Defaqto
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