AXA Equitable Introduces Next Generation in Indexed Universal Life Insurance

NEW YORK, July 30, 2012 /PRNewswire/ -- AXA Equitable Life Insurance Company announced today an update to its Athena Indexed Universal(SM) Life Insurance product (Athena Indexed UL(SM)). First introduced in 2010, Athena Indexed UL(SM) has quickly become a market-leading product offering the protection guarantees of universal life insurance with the cash value accumulation potential of market index-linked options. 

Today's second generation Athena Indexed UL product builds upon its indexed design -- clients have access to indexed options driven by three different equity indices, enabling participation in a broad scope of market opportunities – linked to U.S. large-cap stocks, U.S. small-cap stocks and foreign stocks. Enhanced features, providing a balanced approach for life insurance protection, include:

• A complimentary set of "Choice" options which offer a higher growth cap rate. Clients can "dial up" their index-linked cap rates with an additional 1% charge on assets in these options. "Basic" index-linked cap options provide an alternative at no additional charge.  
• The ability to change between Choice and Basic options over the life of the product, as needs and circumstances change.
• Longer no-lapse guarantee, extended to the lesser of 25 years or age 90.
• Shorter surrender charge period.
• New dollar cost averaging feature that can be elected at issue or initiated after issue.
• Newly-added optional Long-Term Care Services(SM) Rider.

"According to LIMRA, life insurance sales are at a fifty year low. Some 11 million U.S. households with children younger than 18 have no life insurance," said David O'Leary, executive vice president and head of Financial Protection at AXA Equitable. "AXA Equitable wants to reverse this trend. One way is by placing more emphasis on providing clients greater access to features that offer protection and growth, including a way to help plan for and manage long-term care costs."

Optional Rider Helps Protect Against High Costs of Long-Term Care

The Long-Term Care Services Rider functions as an acceleration of the Athena Indexed UL life insurance policy's death benefit that can be used for qualified long-term care expenses. When electing the Long-Term Care Services Rider, the policyowner chooses from a certain benefit percentage of the policy's face amount, reflecting the maximum monthly payments to be received, if he or she becomes chronically ill. This rider is available at issue for a monthly charge to people between the ages of 20 and 75. To be eligible for benefits under this rider the Insured must be chronically ill and receiving qualified long-term care services in accordance with a Plan of Care. The Elimination Period must be satisfied and we must receive notice of claim and proof of loss satisfactory to us. Services must be rendered by a facility or agency as defined in the rider. Preexisting condition exclusions also apply. Please request the Outline of Coverage and Policy Rider Form for more information. Some restrictions may apply.

"Should the need arise, the Long-Term Care Services Rider accelerates the policy death benefit to help pay for long-term care medical expenses," O'Leary said. "This rider allows us to offer flexible life insurance protection with an affordable, hybrid solution to the 'use it or lose it' dilemma of traditional long-term care insurance."

About Athena Indexed UL(SM)

Athena Indexed Universal Life is a flexible premium universal life insurance policy with index-linked interest options.

Athena Indexed UL policyholders can allocate net premiums after expenses to any combination of eight indexed options where cash value can grow up to a cap based on the movement of major equity indices. Policyholders can also diversify by time period, choosing between three indexed options structured with a one-year maturity and two with a three-year maturity:

• Choice 1-Year S&P 500 Indexed Option / Basic 1-Year S&P 500 Indexed Option

Based on the Standard & Poor's 500 Price Return index (S&P 500), which tracks the market capitalization (the aggregate price, or value) of the 500 most widely held large-cap U.S. stocks and is generally regarded as the benchmark for broad U.S. stock market performance.

• Choice 1-Year Russell 2000 Indexed Option / Basic 1-Year Russell 2000 Indexed Option

Based on the Russell 2000 Index, which is generally regarded as the benchmark for U.S. small-cap funds. Russell 2000 tracks the market capitalization of the 2,000 smallest companies listed on the Russell 3000 index, which includes the 3,000 largest companies in the U.S., based on market capitalization.

• Choice 1-Year MSCI EAFE Indexed Option / Basic 1-Year MSCI EAFE indexed Option

Based on the MSCI EAFE Index, which, as of July 2010, tracks the market capitalization of 22 individual country indices in Europe, Australasia and the Far East and is broadly accepted as a benchmark of international equity shares.

• Choice 3-Year S&P 500 Indexed Option / Basic 3-Year S&P 500 Indexed Option

Also based on the Standard & Poor's 500 Price Return Index (S&P 500).

Note: All indices exclude dividends

In addition to these indexed options, policyholders can allocate premium to a Guaranteed Interest Account, which credits a rate of interest guaranteed to never be less than 2%.

Life insurance policies have certain exclusions and limitations and terms for keeping them in force. Certain types of policies, features and benefits may not be available in all jurisdictions or may be different. For costs and complete details of coverage, contact your financial professional. This press release contains summary information about Athena Indexed Universal Life policy. Please read the actual policy for terms and conditions.

Athena Indexed Universal Life and Long-Term Care Services Rider are service marks of AXA Equitable Life Insurance Company (AXA Equitable), New York, NY 10104.

Athena Indexed Universal Life is issued by AXA Equitable Life Insurance Company (AXA Equitable), New York, NY, or affiliate MONY Life Insurance Company of America (MONY America), an Arizona Stock Corporation, main administrative offices in New York, NY. MONY America is not licensed to do business in New York. Fixed life insurance products are co-distributed by AXA Network, LLC and AXA Distributors, LLC. All companies are affiliated and directly or indirectly owned by AXA Equitable Financial Services, LLC, and do not provide tax or legal advice. Clients should consult with their tax and legal advisors regarding their particular circumstances.

Policy form # ICC 01-200 or state variations.  All guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company.

About AXA Equitable

In business since 1859, AXA Equitable Life Insurance Company (NY, NY) is a leading financial protection company and one of the nation's premier providers of life insurance and annuity products, as well as investment products and services through its affiliates, including, AXA Advisors, LLC. The company's products and services are distributed to individuals and business owners through its retail distribution channel, AXA Advisors and to the financial services market through its wholesale distribution channel, AXA Distributors, LLC. Find AXA Equitable on Facebook and Twitter or visit the company's multi-media newsroom The Source @ AXA Equitable.

AXA Equitable, a subsidiary of AXA Financial, Inc., is part of the global AXA Group, a worldwide leader in financial protection strategies and wealth management. "AXA Group" refers to AXA, a French holding company for an international group of insurance and financial services companies together with its direct and indirect consolidated subsidiaries. For more information, visit www.axa-equitable.com.  

 

SOURCE AXA Equitable