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Life insurance company increases age limit

Fri, 20 Feb 2009

Life insurance company AXA has upped the age limit on life insurance policies from 70 to 85. The change was made due to greater life expectancy caused by advances in medical science and increased standards of living.

The change has been part of a wider demographic shift, with some of the standard major life events also shifting. Women aged over 35 have the fastest growing birth rate, whilst first time buyers are becoming increasingly older.

Significant life events are usually the point at which people decide to protect themselves and their families. Ian Mallon reportedly said on behalf of AXA: "By offering life cover to people up to the age of 85 we are helping people to meet the needs of modern day life. By being flexible and making these changes AXA is ensuring it can meet changing customer needs."

Whether other life insurance companies move to follow suit remains to be seen. A life insurance policy is around the cheapest it has ever been, according to some industry experts.
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