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AXA Life Insurance Review 2019

AXA

AXA is one of the largest companies in the world. In 2011 it was 14th largest companies in the world by revenues according to Forbes Global 500 index. It was founded in French in 1816 and since then is headquartered in Paris. Now AXA operates in five main fields: property and casualty, life and savings, asset management, international insurance and other financial services.

AXA Sun over 50 life cover plan

AXA life insurance services can be divided into three parts: Over 50 Life Cover Plan, life insurance and funeral plans. Over 50s life cover plan is constructed for elderly people who would find it hard to get good conditions for normal life insurance. If the person is between 50 and 85 years old, he can apply for this AXA provided insurance plan.

Premiums that have to be paid each month can be chosen to be from £4 to £74. £4 per month is one of the lowest available monthly premiums in UK insurance market. However, it must be remembered that if the person must pay more with each premium, cash sum cannot exceed £20,000. One of the important points is that the agreed premium will never be increased and the agreed sum of cover will also never decrease. Moreover, if the person dies within first two years of insurance, his dependents will be paid a lump sum equal to 1,5 times of paid premiums. Furthermore, it must be remembered that the cover will last until the person keeps paying the premiums. If payments from person stop, the cover also ends.

AXA Sun life insurance

Life insurance in United Kingdom is provided by AXA subsidiary “Sun Life” insurance. It offers term life insurance with possible time periods of 10, 15, 20, 25 or 30 years. However, it must be remembered that this term must end before the person reaches the age of 70 years. Furthermore, the premiums can start from £5, but cash sum chosen cannot exceed £150,000. It is the maximum amount of lump sum paid in case of death for a successful claim successful claim (which also can be made if the person gets sick with terminal illnesses from “AXA” list).

The person that wants to get “Sun Life” insurance, must answer five questions asked by this insurance provider. Moreover, premium paid depends from some factors: cash sum and the term chosen, the person age and sex and whether the individual smokes. Furthermore, one very important factor must be remembered that if the person decides to terminate the insurance policy and stops paying the premiums, all of the premiums that have been paid will be lost and the individual will get nothing. However, Sun Life Insurance differently from other insurance providers, offers 15% no claim option. It means that if the person reaches the end of the term insurance and has not made a claim, he will get 15% of all his premiums paid back.

AXA Sun funeral plans

Funeral plans can be divided into two parts: funeral assist and single payment. Funeral assist can be used by persons aged between 50-80 and every applicant is accepted without a need for medical questions or history. The monthly premium payment is paid and in case of death some of funeral services‘ costs are covered. It is always important to check which funeral services are covered and which are not. If single payment policy is chosen, then lump sum is paid directly to co-operative funeral care. The person must be at least 18 years old and if the person wants to cancel his single payment policy, the refund is not guaranteed and may not be paid.

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