AXA Canada is just one of several insurance companies owned by AXA Group, which is considered by the rating agency of AM Best to be the world’s largest insurer when taking net premiums into account. AXA Group doesn’t just have a presence in Canada – it offers insurance and other services in a total of 61 countries. In Canada, AXA employs more than 2,500 people; worldwide, AXA Group employs more than 214,000 people. The company that would later be known as AXA Group was originally founded in 1905, but AXA Canada only came into existence much later in 1982.
Over 4,000 brokers and advisors are waiting to help AXA’s Canadian clients purchase things like car insurance, home insurance, health insurance and life insurance. In terms of life insurance, AXA Canada offers both term life insurance and permanent life insurance. There are three different kinds of term life insurance available: Term 10, Term 20 and Term 70. Term 10 life insurance, like the name indicates, provides coverage for a period of 10 years; Term 20 life insurance provides coverage for 20 years, and Term 70 life insurance guarantees coverage for up to age 70. AXA sorts all of its term life insurees into one of six classes based on their history of smoking. There are 4 classes designated for non-smokers and 2 classes for people who currently smoke. Based on this class system, people who smoke heavily on a daily basis are more likely to be charged higher premiums than people who have never smoked. Up to six individuals can be insured under a single term life insurance policy, which cuts down on paperwork and policy fees.
There are three different kinds of permanent life insurance available through AXA Canada: Whole Life 20, Whole Life 100 and Term 100. With Whole Life 20, the insuree is able to finish paying all of their premiums within 20 years. Whole Life 100 is designed for business owners looking to ensure the stability of their businesses after they pass on. Term 100 is a simple and affordable plan that comes in several different concepts such as Individual, Multi-Life, Joint First to Die or Joint Last to Die. Insurees have the option of complementing their coverage with benefits like child riders, waiver of premiums, benefits in case of fracture, monthly income and accidental death and dismemberment insurance. People insured under a Whole Life policy also are entitled to Extreme Disability Benefits, reduced paid-up protection and competitive guaranteed cash values.