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The company has said that the new product offers some of the most competitive premiums in the industry.
AXA Equitable's Term Series offers four different level-term products - Term 10, Term 15, Term 20 and Term 30. Premiums for each product are guaranteed level for the first 10-, 15-, 20- or 30-year period, respectively. After the guaranteed level-premium period expires, premiums increase annually at guaranteed rates.
All of AXA Equitable's Term Series products include a Living Benefits Rider that enables policyholders to receive a portion of the death benefit during their lifetime in the event of terminal illness.
Additionally, AXA Equitable's annual renewable term (ART) product has been revised. ART is a non-participating product with two sets of premiums: current scheduled premiums and guaranteed maximum premiums. The current scheduled premium is guaranteed for the first policy year and increases each year thereafter. However, the scheduled premium does not exceed the guaranteed maximum premiums shown in the policy.
Claude Methot, senior vice president and chief product officer at AXA Equitable Life Insurance, said: "Term products offer relatively inexpensive coverage for a period of time while providing an appropriate amount of insurance protection. Term may be appropriate for clients who have limited cash flow or who have a short-term need for insurance protection, such as those establishing a business, young professionals with school debt, families with mortgages, and others with limited resources."
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