AXA Equitable Enhances Variable Universal Life Insurance Coverage
15 9월 2009 - 3:00AM
PR Newswire (US)
New Product Offers Competitive Protection for Today and Financial
Planning Tools for Tomorrow NEW YORK, Sept. 14
/PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company and
its affiliate MONY Life Insurance Company of America (MLOA)
introduced today, in states where approved, a revamped edition of
the flagship Incentive Life Legacy (IL Legacy ) Series of variable
universal life insurance. Today's IL Legacy II is a highly
competitive variable life insurance product offering investment
growth potential with access to a variety of risk mitigation
strategies, long-term lapse protection, a chronic illness funding
option and the ability to leave a charitable legacy. "AXA Equitable
pioneered the industry's first investment-oriented variable life
insurance product 33 years ago," said Claude Methot, executive vice
president and chief product officer of AXA Equitable. "This year we
honor our 150th anniversary and storied history of innovation by
further enhancing our flagship variable universal life insurance
product. Today's IL Legacy II offers flexible premium life
insurance protection with competitive upfront policy costs and
features that can help clients manage market volatility to meet
evolving financial needs, whether it's protecting a mortgage, a
business or a retirement dream." Lifelong Protection with Growth
Potential and Risk Mitigation IL Legacy II combines life insurance
protection and an investment opportunity in one product.
Policyholders can take advantage of the growth potential of the
markets by allocating a portion of premium dollars among a broad
array of investment options, including equity portfolios, bond
portfolios, a money market portfolio, a Guaranteed Interest Option,
or some combination thereof. Through IL Legacy II, policyholders
also have access to options that may help mitigate some risks of
investing, including asset allocation, asset rebalancing, dollar
cost averaging and tax-free account transfers. Depending on
changing financial needs, they can also adjust their policy face
amounts up or down, subject to restrictions and surrender charges.
To help navigate through down markets, IL Legacy II offers several
ways to help protect against policy lapse. Included automatically,
at no additional cost, a No Lapse Guarantee (NLG) benefit
guarantees that the IL Legacy II policy will not terminate during
the first five to 10 policy years, depending on issue age and as
long as certain policy and premium requirements are met. "If there
is poor investment performance early in the policy, this no
additional cost guarantee helps protect against policy lapse,
giving policyholders the comfort of knowing their death benefit
will be there when their beneficiaries need it, regardless of
market volatility," said Mr. Methot. For those desiring a longer
guarantee period, IL Legacy II also offers at issue an Extended No
Lapse Guarantee (ENLG) Rider for an additional cost. The ENLG
ensures coverage will not lapse for a period up to age 90,
depending on the issue age. The ENLG rider remains intact even if
the policy's account value falls to zero and as long as a certain
level of premiums is maintained and certain policy requirements are
met. IL Legacy II also offers an innovative Paid Up Death Benefit
Guarantee that allows policyholders to lock in a minimum guaranteed
death benefit, regardless of future investment performance and
without further premium payments. The product prospectus offers
full details on the restrictions and requirements of the NLG, ENLG
and Paid Up Death Benefit Guarantee. Optional Rider Helps Protect
Against High Costs of Long-Term Care The IL Legacy series features
a choice of optional riders for an additional cost, including a
Long-Term Care Services(SM) Rider. Available at issue for a monthly
charge to people between the ages of 20 and 70, the Long-Term Care
Services Rider functions as an acceleration of the 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 to determine the maximum monthly payments to
be received, if he or she becomes chronically ill. "Should the need
arise, the Long-Term Care Services Rider accelerates the IL Legacy
II death benefit to help defray the burden of long-term care
medical expenses," said Mr. Methot. "It can be an affordable,
hybrid solution to the 'use it or lose it' dilemma of traditional
long-term care insurance." A New Way to Use Life Insurance to Leave
a Charitable Legacy IL Legacy II can also help make it easier for
individuals to pursue charitable giving through the Charitable
Legacy(SM) Rider. Introduced earlier this year on AXA Equitable's
Athena universal life policy and now available at issue on IL
Legacy II, the Charitable Legacy Rider allows clients with a policy
face amount of $1,000,000 or greater to leave an additional one
percent of the death benefit to a qualified charity or two
charities of their choice, up to a maximum of $100,000. The
Charitable Legacy Rider adds no additional costs to the policy,
does not increase the premium, and does not reduce cash values or
cause a reduction in death benefit. "The simplicity of our
Charitable Legacy Rider offers many clients a convenient new way to
use life insurance to donate a sizable gift," said Mr. Methot. This
press release is not a complete description of all of the material
provisions of the IL Legacy II life insurance policy. Complete
terms, conditions and costs of the policy and its features are
contained in the prospectus. Variable life insurance cash values
are not guaranteed and will fluctuate based on the performance of
underlying investment options. Fees and charges associated with
variable life insurance include mortality and expense risk charges,
cost of insurance, surrender charges, administrative fees,
investment management fees, and charges for optional benefits.
Please consider the charges, risks, expenses and investment
objectives carefully before purchasing a policy. For a prospectus
containing this and other information, please contact a financial
professional. Incentive Life Legacy II, a flexible premium variable
life insurance policy, is issued in New York and Puerto Rico by AXA
Equitable Life Insurance Company (AXA Equitable), New York, NY and
in all other jurisdictions by affiliate MONY Life Insurance Company
of America (MLOA), an Arizona Stock Corporation with its main
administrative office in New York, NY. IL Legacy II is
co-distributed by AXA Advisors, LLC and AXA Distributors LLC. AXA
Equitable, MLOA, AXA Advisors and AXA Distributors are affiliated
companies and do not provide tax or legal advice. All guarantees
are based on the claims-paying ability of the issuing life
insurance company, AXA Equitable Life Insurance Company or MONY
Life Insurance Company of America. About AXA Equitable In business
since 1859, AXA Equitable Life Insurance Company is a leading
financial protection company and one of the nation's premier
providers of life insurance, annuity, and investment products and
services. The company's products and services are distributed to
individuals and business owners through its retail distribution
channel, AXA Advisors, LLC; to the financial services market
through its wholesale distribution channel, AXA Distributors, LLC;
and to corporations and their employees through its corporate
distribution channel, Corporate Markets. For more information,
visit http://www.axa-equitable.com/. AXA Equitable Life Insurance
Company and MONY Life Insurance Company of America (MLOA) are life
insurance subsidiaries of AXA Financial, Inc., which 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. While a part of the AXA Group, AXA
Equitable Life Insurance Company and MONY Life Insurance Company of
America are solely responsible for their life insurance
obligations. DATASOURCE: AXA Equitable Life Insurance Company
CONTACT: Media, Discretion Winter, +1-212-314-2968, , or Michael
Arcaro, +1-212-314-2030, Web Site: http://www.axa-equitable.com/
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