Advancements in medical science and standards of living have resulted in people living longer than ever before. The increase in the length of time people are living has delayed some of the key milestones in life, with women over the age of 35 having the fastest growing birth rate in the UK and the average first time buyer’s age rising to 34 years old.
The increase in the length of time people are living has also impacted on women and men of retirement age who are staying in work for longer.
Despite the increase in age limit, AXA won’t cap its initial commission for clients whose length of cover takes them beyond the age of 75. Advisers will earn initial commission based on the full term of the policy.
In addition, customers offered standard rates now have 180 days from when the terms are offered in which to take up the offer without completing a Declaration of Health, an increase from 90 days previously.
Whilst consumers offered rated premiums will have 90 days from when the terms are offered in which to take up the offer, an increase from 30 days previously
The increased period is designed to help customers whose house purchase takes a long time to complete, so they need only take out protection once the purchase is finalised.