AXA Equitable Announces New Five-Product Term Life Insurance Portfolio
2007年1月22日 - 11:22PM
PRニュース・ワイアー (英語)
NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- AXA Equitable
introduced today a new series of term life insurance products. The
five-product Term Series(SM) includes redesigned 10-, 20- and
30-year level-term products, a new 15-year level-term product, and
a redesigned annual renewable term (ART) product. The series
introduces a new underwriting class for consumers with minor health
issues and long conversion periods that allow clients to switch to
permanent life insurance coverage. "AXA Equitable's Term Series(SM)
is designed to competitively meet the varying financial needs of
consumers in different life stages," says Barbara Goodstein, AXA
Equitable Executive Vice President, Marketing and Product
Development. "That includes younger people who do not currently
have the discretionary income to buy permanent cash-value life
insurance, but need life insurance protection now." Convertibility
The Term Series(SM) introduces long conversion periods that allow
clients to switch to permanent coverage during the policy term,
without furnishing additional evidence of insurability. As long as
there are no changes to the policy, no medical examinations or
blood tests are required for conversion from term to permanent.
"Term insurance," says Goodstein, "offers pure insurance protection
at affordable rates. As families and/or businesses grow, however,
it may make sense to 'move up' to permanent life insurance, which
offers lifelong protection and the ability to potentially build
cash value to help meet financial goals." Goodstein added, "When
they're ready, our new Term Series(SM) makes it easier for clients
to convert to permanent life insurance." Unlike some term products
that only give policyholders a few years to make up their minds,
AXA Equitable's conversion privilege is available for the first 8,
10, 15 and 20 years for the 10-, 15-, 20- and 30-year Level Term
products, respectively, but not beyond the policy anniversary
nearest the insured's 70th birthday. The AXA Equitable ART policy
is convertible anytime up to the policy anniversary nearest the
insured's 70th birthday. Term Series(SM) products have a guaranteed
conversion credit -- available while the policy is convertible --
that reduces the first year premium on the permanent policy.
Accessibility Just below "Standard," the new Class B underwriting
classification makes the series more affordable to consumers with
minor health issues. "With Class B underwriting, we're expanding
affordable protection to a whole new segment of consumers," says
Goodstein. Other underwriting classes include Preferred Elite and
Preferred Plus for non-tobacco users, and Preferred, Standard and
B, C and D substandard classes for both non-tobacco and tobacco
users. The minimum face amount under the Preferred Elite and
Preferred Plus underwriting classes is $250,000 for all plans. The
minimum for Term 10, Term 15 and Term 20 under the underwriting
classes is also $250,000. The minimum for the ART and Term 30
products is $100,000. Flexibility Also new to the series is a
15-year Level-Term product. "The addition of the 15-year Level Term
product offers consumers more options and greater flexibility,"
says Goodstein. "Having four different periods to choose from is
ideal for "laddering" coverage to accommodate a variety of life
events. For example, a couple both 40 years old with children ages
11 and 14 might both purchase $250,000 10-year Level Term policies.
At the same time, they might purchase a $500,000 20-year Level Term
policy for the husband and $250,000 20-year Level Term for the
wife. Then, when their oldest child is 21 and self- supporting,
they might drop the 10-year policies." About AXA Equitable Term
Series(SM) Premiums for all four level-term products are guaranteed
for the entire term of the policy. The ART product has two sets of
premiums, a current scheduled premium guaranteed for the first
policy year which generally increases each year thereafter, and a
guaranteed maximum premium. Further, AXA Equitable's Term
Series(SM) includes a choice of benefit riders that enable clients
to expand their coverage, including a Disability Premium Waiver,
and Children's Term Insurance Rider. All of AXA Equitable's Term
Series(SM) products include a Living Benefits Rider that enables
policyholders to receive a portion of the death benefit during
lifetime in the event of terminal illness. (The Living Benefits
Rider is not available in New Jersey, Massachusetts and
Washington.) Variations by state may apply to the AXA Equitable
Term Series(SM). About AXA Equitable AXA Equitable Life Insurance
Company is the principal life insurance subsidiary of AXA
Financial, Inc., providing life insurance, annuities and other
needs-based products and services for the financial services
market, co- distributed by AXA Advisors, LLC, and AXA Distributors,
LLC. AXA Financial is one of the premier U.S. organizations
providing financial protection and wealth management, and had
approximately $643.4 billion in assets under management as of
December 31, 2005. AXA Financial is a member of the global AXA
Group, which had $1.3 trillion in assets under management as of
December 31, 2006. All guarantees are based on the claims-paying
ability of AXA Equitable Life Insurance Company headquartered in
New York, NY (AXA Equitable). GE-38322 DATASOURCE: AXA Equitable
CONTACT: Discretion Winter, +1-212-314-2968, , or Lisa Tibbitts,
+1-212-314-2811, , both of AXA Equitable Web site:
http://www.axa-equitable.com/
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