Axa Equitable Life Insurance Co. Inc. launched a series of term life insurance products Monday.
The five-product Term Series includes redesigned 10-, 20-, and 30-year level-term products, a new 15-year level-term product, and a redesigned annual renewable-term 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 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 to convert from term to permanent coverage.
All of Axa Equitable’s Term Series products include a living benefits rider that enables policyholders to receive a portion of the death benefit in the event of a terminal illness. The rider is not available in New Jersey, Massachusetts, or Washington.
Axa Equitable, a New York unit of Axa SA, provides life insurance, annuities, and other products and services. Axa SA had $1.3 trillion of assets under management as of Dec. 31.
