AXA revamps protection pricing structure

AXA has overhauled its pricing structure for protection products to make it even more competitive for larger sums assured.

The new structure reflects:

The mortality awareness data of AXA and its reinsurers
AXA's innovative underwriting processes and continuous underwriting development
Four years worth of customer information and experience

This wealth of knowledge lends itself to making AXA's pricing even more competitive, the latest changes affecting Life and Critical Illness protection products.

Iain Mallon, Director of Protection Marketing at AXA, said: "We have strengthened our protection offering through innovative underwriting over the past four years. The higher levels of disclosure we are getting from our customers allow us to understand our risk profile more precisely."

Iain continued: "Consumers have differing lifestyles and wealth and as people are taking out larger mortgages, the amount of cover they request is also rising rapidly. At AXA we have a dedicated large case team dealing with higher sums assured, making the application process as simple and straightforward as possible for advisers and their customers."

To coincide with the introduction of the new pricing structure, AXA has revised its rates for its range of Life and CI protection products: Level and decreasing Life Cover; Level and decreasing guaranteed Life or Earlier Critical Illness Cover; and Level and decreasing reviewable Life or Earlier Critical Illness Cover.

Of those covers changing, approximately 60 per cent of premiums have reduced in price, with an average reduction of nine per cent. AXA believes these new rates will be amongst the most competitive in the market.