AXA Australia, a provider of insurance, retirement and superannuation solutions, has signed an agreement with a superannuation provider VicSuper to provide enhanced group insurance to its 250,000 members.
The agreement will result in increase of the level of coverage by 33% to VicSuper’s members with additional coverages and reduction in premiums.
In addition, the insurer has introduced a new feature called Life Events cover that provides fund members with access to higher levels of coverage when they experience a major change in their lives.
The insurer said Life Events feature facilitates more cover, without additional health evidence.
AXA head of group insurance Robert Bergin said AXA’s Group Insurance solution covers all bases – competitive and flexible products, accessible underwriting, smooth administration and claims processing – delivering on the promise to be more available, reliable and attentive.
VicSuper CEO Michael Dundon said the inclusion of Life Events cover was a great benefit for its members, and also highlighted the introduction of default income protection cover as a critical step forward in addressing insurance adequacy.