Axa Life Insurance Cover Review 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 12th March 2024

axa life insurance reviews

The AXA Group has been in the insurance business since the 18th century. Acquisitions, mergers, and name changes for leading UK and global insurance companies eventually led to the AXA name in 1985.

The company has major operations in North America, Asia-Pacific, and Europe and employs approximately 212,000 people.

Over 80 million consumers insure their property, assets, and themselves with an AXA product. AXA UK has weathered the financial crisis and offers life insurance products at competitive rates.

AXA life insurance coverage is available to UK residents who are at least 18 years old. Coverage can be combined to meet individual needs and added or removed when these needs change.

Help Protect Your Family’s Future. Compare AXA Against Other Top Insurers. Find Your Cheapest Quote

life insurance from AXA
  • Our price match promise means we will find you the right cover for your personal circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

axa over 50 life insurance

AXA life insurance offers extra support services, including legal and tax information and counselling services. AXA life policies are provided through Sun Life Direct and have received a five-star industry rating.

Fixed-term life coverage is available to consumers aged 18 to 59 without medical examination. If they answer “no” to five provided questions, they are guaranteed acceptance. The premium starts at £5 per month, and five terms (10, 15, 20, 25, or 30 years) are available.

Consumers may have more than one policy as long as the combined cash benefit for all policies does not exceed £150,000.

After selecting the term, consumers choose how much money they want to leave or how much they want to pay monthly. Depending on these factors, they could leave a benefit of up to £150,000. The premium for the first month is free, and premiums will never increase.

Premiums are based on cash benefits, terms, age, sex, and smoking status. If a claim is not made by the term end date, 15 percent of the premiums are refunded.

This policy also features a terminal illness benefit that pays a cash sum upon the diagnosis of a terminal illness. The benefit will not be paid if the diagnosis is made during the final 12 months of the policy term.

What About Inheritance Tax?

Inflation will reduce the value of the benefit, and since the benefit is paid to the estate of the insured, it could be subject to inheritance tax.

The insured can have the policy written into trust to avoid tax ramifications. A benefit paid upon the diagnosis of a terminal illness is not subject to inheritance tax when paid but may be upon death.

The policy does not have a cash-in value; if premium payments stop, the coverage will end, and a refund will not be made.

AXA life insurance offers a guaranteed acceptance of over 50 life insurance plans from Sun Life Direct.

Premiums for this whole of life plan start at £5 per month and will not change during the policy period, nor will the cash benefit, which ranges to £20,000. UK residents between the ages of 50 and 85 are guaranteed approval.

Once the insured has paid into the plan for at least two years, the lump sum benefit will be paid upon his or her death.

If the death occurs within the first two years, the company will refund premiums paid plus one-half of that amount. If the insured dies in a travel-related accident or within three months of such an accident due to sustained injuries, three times the cash benefit will be paid.

Since the cash benefit is fixed, inflation will reduce its value. Consumers should consider this when choosing a coverage level.

Premium payments must be made over the lifetime, or coverage will end, and nothing will be refunded. Depending on the individual’s lifespan, the cash benefit may be less than the total premiums paid. The first premium payment is free.

reasons to get life insurance from AXA

Funeral Care Is Factored In

AXA life insurance allows consumers to use life insurance to pay for one of two cremation funeral plans offered through Simple Choice Funerals and The Co-operative Funeralcare. Individuals aged 50 to 80 are guaranteed acceptance without answering medical questions.

A fixed monthly premium is paid into an AXA life insurance policy through Sun Life Direct, and the benefit is paid to The Co-operative Funeralcare for funeral services. Monthly premiums do not increase, and the first premium is free. To keep the policy in effect, premiums must continue until the earlier of death or age 90.

AXA provides the term and over 50 life coverage and cremation funeral plans consumers demand. The carrier Sun Life Direct offers the lowest premium for an over 50 life insurance plan.

This guaranteed plan is the most popular type, boasting more than 790,000 customers. By completing our online quote request form, consumers can get quotes for this and the other AXA plans.

How does one find the best life insurance policy?

  • Evaluate your life insurance goals
  • Calculate the amount of coverage you require
  • Find the policy that offers the best deal by determining the premium you will have to pay
  • Choose the right policy term
  • Choose a reputable provider of life insurance to determine which life insurance is best for your needs

If the above sounds too much like hard work, leave it to us. We will review AXA life insurance policies and plans throughout the industry to find the best deal for consumers based on age, health status, and budget.

AXA Life Insurance vs Other Popular Providers

This comparison table shows how AXA’s three most sought-after life insurance policy plans (term-life, whole of life and over-50s) stack up against two of the other most popular insurers in the UK: AIG and Vitality.

Term Life Insurance£5 and up£5 and up£5 and up
Whole-of-Life£5 and up£5 and up£8 and up
Over-50 Plan£4 and up£5 and up£5 and up
Funeral Cover?YesYes (with Care Cover)No

Further Information:

AXA Insurance
5 Old Broad Street

Hours: Closes at 8 PM

Phone: 020 7920 5900

Frequently Asked Questions

How can I evaluate my life insurance goals?

While it may sound confusing and complicated at first, evaluating your life insurance goals is quite simple once you narrow it down to the single main purpose of any life insurance policy – making sure that your surviving close ones lead a comfortable, happy life when you’re gone. 

Quite a few factors determine the extent to which the surviving family will depend on the life insurance policy payout.

First of all, you need to consider whether or not they are capable of sustaining themselves independently – whether they have a stable source of income or not.

Secondly, you should consider whether or not you have any outstanding debts – after your passing. Your immediate family will have to pay them off, so your policy should be able to cover that expenditure at the very minimum. 

Last but not least, you’ll have to consider what kind of premiums you can afford and start searching for a policy that fits your budget. 

How many life insurance policies can I take out?

Technically, there is no limit on how many life insurance policies you can take out in the UK. However, keep in mind that having too many policies taken out on yourself might become a burden to you.

You’ll have to deal with multiple monthly premium payments and juggle between the varying terms and conditions of different life insurance policy plans and providers.

Finally, your family will likely be overwhelmed with the paperwork and legal arrangements they’ll need to take care of to claim their payout after your passing.

What are the benefits of AXA life insurance?

Most credible insurance providers in the UK tend to add a “personal” touch to their life insurance policy offers to convince potential customers to choose them over the competition.

Some providers, like Vitality, opt for things like the Points Reward Scheme, where customers can earn points for making healthy lifestyle choices. The points can then be exchanged for discounts and freebies. 

As we already covered earlier in this article, AXA provides additional support in legal and tax counselling and funeral care included in certain life insurance plans.

While it certainly has less marketing potential than Vitality’s points scheme, the benefits of choosing AXA are much more practical and can greatly help your beneficiaries. 

Remember that the added benefits of your life insurance policy should be merely an afterthought – there are more important factors to consider first. However, if you want to maximise the value of your life insurance, looking out for practical benefits for your surviving loved ones is more worthwhile than reward schemes.

In Conclusion

Life insurance gives you peace of mind knowing that your family will be taken care of financially if something happens to you.

If you’re considering getting life insurance, now is a great time to get a free, no-obligation quote. Don’t wait until it’s too late – get covered today.