AXA Equitable Enhances Flagship Universal Life Insurance Coverage
March 30 2009 - 10:26AM
PR Newswire (US)
Redesigned Product Offers Features Designed to Help Clients
Navigate Today's Tough Economy NEW YORK, March 30
/PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company
announced today that it has revamped its flagship Athena Universal
Life(SM) (Athena UL) insurance policy. Today's Athena UL is an
innovative, hybrid development in universal life coverage, offering
cost-effective, long-term guaranteed protection, cash value
accumulation, a long-term care funding option and the ability to
leave a charitable legacy. Redefining Universal Life Insurance "In
today's tough economy, many Americans on tight budgets need an
affordable and flexible way to protect their families, businesses
and retirement dreams," said Claude Methot, executive vice
president and chief product officer. "Our enhanced Athena UL helps
to meet these challenges by eliminating the traditional dilemma of
universal life coverage -- having to choose between meaningful
guaranteed protection, or cash value accumulation potential.
Today's Athena UL breaks down that barrier." "Why pay for a
lifetime no-lapse guarantee, if it hampers cash value accumulation
and you only need it for 20, 30 or 40 years?" said Methot. "Athena
UL combines long-term guaranteed permanent protection and cash
value accumulation potential into one product, at competitive
rates." Athena UL is now designed with a built-in No-Lapse
Guarantee Rider available at no additional charge, ensuring
coverage will not lapse for a period of up to age 90, depending on
the issue age. This 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.
"Redesigning Athena UL to include a long-term no-lapse guarantee
helps keep the costs of insurance down and increases the
policyholder's potential for greater cash value accumulation --
money that is not subject to equities risk and that can be used to
supplement retirement needs," said Mr. Methot. "These very same
attributes also make it appealing to business owners looking to
protect and retain key employees and provide for their financial
futures, at competitive rates." Optional Rider Helps Protect
Against High Costs of Long-Term Care Depending on current and
anticipated future needs, the Athena UL product also offers 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, reflecting 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 Athena UL
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 Way to Give to Charity during Economic
Downturn AXA Equitable is also helping to make it easier for
individuals to continue charitable giving through the Charitable
Legacy(SM) Rider, now available at no additional cost on an Athena
UL policy. 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 $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. "Our new charitable rider offers
Americans a convenient way to make sizable charitable donations at
no out-of-pocket cost," said Mr. Methot. "It changes the decision
from whether to support at all, to which charitable organization to
support and how much." Athena UL(SM) (Policy forms #09-400 or state
variations) is issued by AXA Equitable Life Insurance Company, New
York, NY. The Athena UL policy, Long-Term Care Services Rider and
the Charitable Legacy Rider are subject to certain terms and
conditions which may vary by jurisdiction, contain limitations, and
may not be available in all jurisdictions. In Massachusetts, the
Long-term Care Services Rider is called the Accelerated Death
Benefit for Chronic Illness Rider. 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. 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 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. While a part of the AXA Group, AXA
Equitable is solely responsible for its annuity and life insurance
obligations. For more information, visit
http://www.axa-equitable.com/. AXA Equitable Life Insurance Company
(NY, NY) issues life insurance and annuity products. Guarantees in
the life insurance and annuity products are based on the
claims-paying ability of AXA Equitable Life Insurance Company.
Variable products are co-distributed through affiliates, AXA
Advisors, LLC and AXA Distributors, LLC. AXA Equitable and AXA
Advisors do not provide legal or tax advice. DATASOURCE: AXA
Equitable Life Insurance Company CONTACT: Discretion Winter,
+1-212-314-2968, , or Jo Ann Tizzano, +1-212-314-2979, Web Site:
http://www.axa-equitable.com/.
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