Wednesday, July 28, 2010

AXA Canada Term Offers Bonus: Disability Benefit

Insurer AXA boast an great reputation all around the world with a network of four thousand professional brokers and associates coast to coast. In AXA they have 250 qualified workers who can help individuals to pick from a variety of good term,universal and whole life insurance products and art collectibles insurance plans.

AXA's Universal Life Insurance combines adjustable life insurance with a savings component. Another well-known policy is the AXA Art policy, where individual art collectors can defend their delicate items such as antique furnishings or vintage wine and more.

AXA Canada's Term 10/Term 20 life products have unique element that many clients are completely unaware of. AXA Canada is the single life insurer in Canada to prepare a term insurance product with a ready-made Extreme Disability Benefit (EDB). Sometimes instances, the cost is less expensive than normal term insurance products. The advantage of this policy is that, not only is the insured's loved ones protected if he/she dies within the stated time, but the policy provides the added protection of the EDB. This bonus can provide additional value to citizens who live with long and often hazardous winter road conditions. The EDB pays out half of the policy amount (up to $250,000) for insurees who suffer the disability. An extreme disability claim needs the claimant to have been influenced by a permanent disability and is dependant on assistance with five of the 7 aspects of regular living.

I can see there are certainly boundaries bounded to this AXA life insurance product, and it should not be exchanged with usual disability product (which protects a much wider spectrum of disabilities). The extreme disability must come before age 60, and this benefit strips the death benefit claim dollar-for-dollar. Therefore, if someone with a $600,000 life insurance policy develops an serious disability, and consequently dies--the $250,000 EDB will be subtracted from the $600,000 insurance claim.

picture by Ravages

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