Axis Capital Group Insurance: Assessing Final Expense Insurance
Final expense insurance, regularly called burial insurance, was retailed door to door as late as the 1960s. Then it turns out to be the domain of mid-sized life insurers, funeral home directors and television spokespeople whose message was simple: "You cannot be turned down!"
The cost for burial service has risen from about $700 in 1960 to $8,343 in 2012, says the National Funeral Directors Association. And that doesn't comprise the plot and headstone.
Simultaneously, a latest study by the Massachusetts Institute of Technology found that nearly half of all American senior citizens had less than $10,000 in financial assets when they died. And elderly single people were in the poorest situation money-wise.
For Americans who don't plan to trouble heirs with paying for a funeral, burial insurance offer one solution. It moreover provides ease since applying for a burial insurance policy does not need a medical exam.
Here are Axis Capital’s main things to know about final expense insurance:(Axis Capital is a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States and has been also servicing SE countries such as KL Malaysia, Bangkok Thailand, Jakarta Indonesia and many more.)
What There Is to Know About Personal Accident Policies
AXIS Capital, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has built a global franchise that is well diversified by product –i.e. Personal Accident. The company also service SE Asian countries such as KL Malaysia, Bangkok Thailand, Jakarta Indonesia and many more.
A PA policy otherwise known as personal protection plan is a yearly insurance cover offering compensation in case of injuries, permanent, temporary, total or partial disablement, or death caused exclusively by violent, accidental, external and visible events. The plan furthermore covers medical expenses, corrective surgery, hospitalization benefits and funeral expenses be caused by accidents.
Many PA policies come with 24-hour worldwide insurance protection and various packages. Some cover just accidental death whereas others comprise disabilities and some with special coverage for high-risk individuals. There are furthermore stand-alone PA policies in addition to riders to life insurance plans. Always read reviews before purchasing a policy.
Although there are many variations of the plans, PA policies essentially cover the insured and their beneficiaries in the event of accidental death or disability due to disease. Coverage depends on how much premium is paid. Individuals, families and groups, can take up PA policies, as do most employers for their employees.
Insured risk and Exclusions
It is significant that you understand what your PA policy plan covers and rejects to avoid complaints. This will facilitate you make a knowledgeable judgment and moreover keep away from disagreements in the event of a claim. PA policies are very precise in the coverage of insured risks- if it affirms that it covers against death and permanent disability caused by an accident, the keyword here is ’caused by accident’ as there will be no compensation for death or disability instigated by other reasons. Death in childbirth or disease for example, is excluded.
It is critical to note the list of eliminations under a policy. Normal exclusions in most plans consist of war, riot, self-inflicted injury, suicide, AIDS, injury or death resulting from participation in unlawful events, provoked murder or assault and hazardous sports. It is significant for you as the consumer to read the clauses on pre-existing illnesses, as it will plan the eliminations and degree on an insured risk. PA policies with medical expense coverage are invalid for illnesses or ailments. PA policies will furthermore exclude coverage for definite high-risk category individuals- as these people are typically involved in perilous activities like extreme sports, diving and law enforcement during war or riots.
How to Ensure Health Insurance Plans for Extended Family
A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans.Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two , by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue.
Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again.
This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins.
“During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India,” says Neeraj Basur, CFO of Max Bupa.
“Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family,” adds Harshal Shah, director, marketing, Aegon Religare Life.
No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.
Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.