AXA Equitable Life Insurance has kicked off an updated version of its Athena Indexed Universal Life Insurance product (Athena Indexed UL), which offers enhanced policy features and a long-term care services rider.
The newly unveiled Athena Indexed UL product allows clients to access indexed options driven by three different equity indices, enabling participation in a broad scope of market opportunities – linked to US large cap stocks, US small-cap stocks and foreign stocks, the underwriter said.
The life insurance protection policy has a complimentary set of "Choice" options which offer a higher growth cap rate.
According to the US insurer, clients can "dial up" their index-linked cap rates with an additional 1% charge on assets in these options.
"Basic" index-linked cap options provide an alternative at no additional charge.
AXA Equitable financial protection executive vice president and head David O’Leary said according to LIMRA, life insurance sales are at a fifty year low.
"One way is by placing more emphasis on providing clients greater access to features that offer protection and growth, including a way to help plan for and manage long-term care costs," O’Leary added.
The policy also offers Long-Term Care Services Rider option, which allows the policy holder to choose from a certain benefit percentage of the policy’s face amount, reflecting the maximum monthly payments to be received, in the event of an individual turns out to be chronically ill.
"Should the need arise, the Long-Term Care Services Rider accelerates the policy death benefit to help pay for long-term care medical expenses."