Claims guarantee on term life insurance launched by Axa

Mon, 09 Jun 2008

Axa Protection has teamed up with LifeSearch to pilot a claims guarantee on term life insurance . The aim of the scheme is to see if consumers are interested in buying a guaranteed product and build confidence in the industry that insurers payout on claims.

If the scheme is a success, it will be the first time in Britain that a full two-year non-contestability guarantee will be available on the market.

The Axa product will guarantee full payment on death after a two-year spell, even if important health information was not disclosed by consumers on their application form.

A spokeswoman for Axa protection commented that one of the problems with protection insurance is that by withholding important medical information on an application form, an insurer may give a partial or no payout. She added, "This is no help to the person taking out cover. They need a straightforward guarantee that, if the worst should happen, there will be enough money to pay off their mortgage or look after their family ." If the pilot is a success, the product will be launched in early 2009.
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