AXA Equitable Helps Americans Secure Their Financial Future with More Affordable Lapse Protection Coverage
April 07 2008 - 11:43AM
PR Newswire (US)
Company Offers More Competitive Rates to Enhance Flexible Premium
Universal Life Insurance NEW YORK, April 7, 2008
/PRNewswire-FirstCall/ -- In today's uncertain economy, many
Americans seek financial guarantees. AXA Equitable Life Insurance
Company announced today that it's making it easier for Americans to
secure their financial future, by offering more competitive rates
in approved jurisdictions on its Athena Universal Life(SM) with a
built-in Lapse Protection Rider (Athena UL(SM)-LPR) product. The
announcement was made today by Claude Methot, Senior Vice President
and Chief Product Officer. Athena UL(SM)-Lapse Protection Rider --
When Guarantees Matter Most Athena UL(SM)-LPR can provide a
guaranteed death benefit for an affordable guaranteed premium that
may often be less expensive than whole life insurance. The Lapse
Protection Rider, which is automatically included in every Athena
UL(SM)-LPR policy, ensures coverage will not lapse for a specific
period of time -- even if the policy's account value falls to zero.
As long as certain requirements are met, the insurance protection
can last up to a lifetime -- guaranteed. "The Lapse Protection
Rider is designed for the policyholder who wants to be in control
of his or her budget now and in the future," said Mr. Methot,
"Today, we've enhanced Athena UL(SM)-LPR by offering more
competitive rates in 'short-pay' situations, in which the
policyholder makes larger but a limited number of planned premium
payments in early policy years, rather than smaller payments over a
longer period. In essence, we're making it more attractive for many
people to lock-in their guarantees sooner." With an Athena
UL(SM)-LPR policy, premiums are guaranteed not to increase,
regardless of changes in interest rates or policy charges, so long
as certain requirements are met. The Lapse Protection Rider
alleviates the inherent premium payment "sensitivity" associated
with current interest crediting rates, cost of insurance charges,
and other non-guaranteed policy expenses traditional universal life
policies have. With an Athena UL(SM)-LPR, the premium requirements
can't be increased by AXA Equitable for any reason. Guarantees of
premiums or duration of coverage can be adversely impacted by
policyholder actions, such as changing planned premium payments,
paying premiums late or taking loans or withdrawals. There are
costs associated with the Lapse Protection Rider. Optional Rider
Helps Protect Against High Costs of Long-Term Care. Depending on
current and anticipated future needs, the Athena UL(SM)-LPR product
also offers a choice of optional riders for an additional cost,
including a Long-Term Care Services(SM) Rider. Available for a fee
to people between the ages of 20 and 70 purchasing the AXA
Equitable Athena UL(SM)-LPR product, the Long-Term Care
Services(SM) Rider functions as an acceleration of the life
insurance policy's death benefit to assist those who become
chronically ill and receive qualified long-term care services. When
electing the Long-Term Care Services(SM) 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. If You Don't Use It, You Don't
Lose It "Long-term care insurance can require expensive premiums,
even if it's never used," says Methot. "Our Athena UL(SM)-LPR
/Long-Term Care Services(SM) Rider combination offers an
affordable, hybrid solution to the 'use it or lose it' dilemma."
Should the need arise, the Long-Term Care Services(SM) Rider
accelerates the life insurance death benefit, defraying the burden
of long- term care medical expenses and protecting retirement
assets from being depleted. The death benefit is reduced by the
amount accelerated. But, if long term care is never needed, the
full income tax-free death benefit is paid to the beneficiaries.
Athena UL(SM)-LPR (Policy forms #07-100 or state variations) is
issued by and is a service mark of AXA Equitable Life Insurance
Company, New York, NY. The Long-Term Care Services Rider may not be
available in all states. 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 is a leading financial protection company and one
of the nation's premier providers of life insurance, annuity, and
investment products and services. AXA Equitable's assets under
management totaled $888.6 billion as of December 31, 2007. 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. AXA Distributors, the company's
wholesale division, makes available AXA Equitable's proprietary
life insurance products and services to brokerage general agents
(BGAs), broker/dealers, and independent financial planner producer
groups. These products include Athena Universal Life and Athena
Survivorship Life; Incentive Life(SM) (IL) Series, including IL
Legacy and Survivorship Incentive Life '02; and the AXA Equitable
Level Term(SM) and Return of Premium Term(SM) Series. 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's operations are
geographically diverse, with major operations in Europe, North
America, and the Asia/Pacific region. AXA Group is listed as the
15th largest company in the world on the 2007 Fortune Global 500
list (based on revenues). It had $1.87 trillion in assets under
management as of December 31, 2007. Listed on the Paris Stock
Exchange, the AXA ordinary share trades under the symbol AXA. The
AXA American Depositary Share is listed on the New York Stock
Exchange under the ticker symbol AXA. While a part of the AXA
Group, AXA Equitable is solely responsible for its life insurance
and annuity obligations. AXA Equitable is a sponsor of the Variable
Annuities Knowledge Center (http://www.variableannuityfacts.org/),
an online resource aimed at helping consumers understand the facts
surrounding variable annuities. The Variable Annuities Knowledge
Center is operated by a stand-alone, non-profit organization and is
overseen by an independent advisory board. GE-43743 (4/08)
DATASOURCE: AXA Equitable CONTACT: Media, Discretion Winter of AXA
Equitable, +1-212-314-2968, Web site: http://www.axa-equitable.com/
http://www.variableannuityfacts.org/
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