AXA TPD Insurance

AXA life insurance products are all offered under AXA’s Elevate Insurance Solutions. Please refer to the Product Disclosure Statement for further detail.

Overview

AXA’s Total and Permanent Disability (TPD) insurance pays a lump-sum benefit in the event that you suffer a trauma event as specified in the plan.

AXA offers two TPD insurance plans as follows:

1. Total and Permanent Disability (TPD) Insurance Plan
2. Activities of Daily Living Total and Permanent Disability (ADL TPD) Insurance Plan

AXA’s TPD Insurance Plan

There are two types of TPD insurance that can be purchased:

TPD – Any occupation
You are unable to follow your own occupation for a continuous period of three months (the qualifying period) solely because of an injury or sickness and in AXA’s opinion; based on medical or other evidence solely as a result of that injury or sickness, you are unlikely ever to be able to follow your occupation or other occupation for which you are reasonably suited by education, training or experience, which would pay remuneration at a rate greater than 25 per cent of your income during your last 12 months of work.

TPD – Own occupation
You are unable to follow your own occupation for a continuous period of three months (the qualifying period) because of an injury or sickness and in AXA’s opinion; based on medical or other evidence because of that injury or sickness, you are unlikely ever to be able to follow your own occupation.

If you purchase TPD any occupation or TPD own occupation option, you are totally and permanently disabled if you:

1. Are unlikely to work, or
2. Suffer a specific loss, or
3. Require future care, or
4. Suffer significant cognitive impairment

AXA’s ADL TPD Insurance Plan
The ‘Activities of Daily Living’ Total and Permanent Disability Plan will pay a lump sum if illness or injury leaves you totally and permanently unable to perform at least two of the following five specified activities without assistance:

1. Bathing/showering
2. Dressing/undressing
3. Eating/drinking
4. Using the toilet to maintain personal hygiene
5. Getting in and out of bed, a chair, a wheelchair, or moving from place to place by walking, using a wheelchair or with a walking aid.

If you purchase ADL TPD, you are totally and permanently disabled if you:

1. Require future care, or
2. Suffer significant cognitive impairment

Built-in benefits
The following benefits are built into AXA’s TPD insurance plans:

Financial plan benefit
AXA will reimburse up to $2,000 to a licensed adviser who has provided a financial plan to you or your dependants within 6 months of a total benefit being paid for death or terminal illness. The payment of the financial plan benefit will not reduce any other benefit payable under the plan and is payable only once.

24 hour worldwide cover
On acceptance of your Plan, AXA will cover you 24 hours a day, and if you travel overseas.

Indexation benefit
To protect your benefit against the effects of inflation, up until age 65, your benefit is automatically increased each year by the greater of 5% or the increase in the Consumer Price Index (CPI). Each year you will be given the opportunity to decline the increase. If you do not decline the increase, your benefit will be increased and your premium will increase accordingly. Where a loading exceeding 100 per cent is applied to your premium the Indexation benefit will not be permitted.

Interim accident TPD cover
When you apply for TPD insurance (other than ADL TPD), AXA will cover you for interim accident TPD cover while assessing your application.  The interim accident TPD cover will be payable if you suffer TPD (based on the ‘any’ occupation definition) as a result of an accidental body injury.  You do not have to pay any extra premium for this cover.

Upgrade of benefits
If AXA makes future improvements to your plan, and such improvements result in no increase in premium, they will pass these changes on to you without you having to provide any medical evidence, or evidence regarding your occupation, pastimes or place of residence. You will not be detrimentally affected by any upgrade.
If you are suffering a pre-existing condition at the time the improvement is provided, the improvement will not apply when assessing any claim affected by that pre-existing condition.

Accommodation benefit
AXA will pay a daily benefit of up to $150 for a maximum of 14 days, to cover the costs of immediate family members who need to travel more than 100km to stay with you if you are confined to bed and receiving a terminal illness benefit.

Day one TPD
AXA will waive the waiting/qualifying period if you develop any of the 18 specified medical conditions and you become totally disabled.

Loss of the use of one hand or one foot or the entire sight in one eye benefit
If you suffer the total and permanent loss of the use of:

1. one hand, or
2. one foot, or
3. the entire sight in one eye,

AXA will pay you a portion of the benefit specified in your Schedule for the lesser of:

1. 25% of the total and permanent disability benefit, or
2. $500,000

AXA will only pay this benefit once and any amount paid, will reduce any other benefits payable under your Plan.

Benefits at an additional cost
The following benefit is only available at an additional premium cost under AXA’s TPD Insurance Plan:

1. Children’s trauma

AXA Customer Service – 132 987

AXA Product Disclosure Statement – PDS

AXA website – www.axa.com.au

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