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.
