AXA has rolled out its latest life insurance policy BrightLife Protect, designed to meet cost-effective protection requirements of individuals, families and businesses.

BrightLife is a flexible, premium universal life insurance policy with an index-linked interest option. It is suitable for customers due to its low cost structure and flexibility to adjust to a policyholder’s changing needs, claims the life insurer.

AXA US Life and Retirement business head Nick Lane said, "In the U.S., individual life insurance ownership is at a 50-year low, putting many American families and businesses at financial risk."

"At AXA, we’re responding to a changing marketplace that demands affordable coverage as never before.

"BrightLife Protect is a product designed to bring financial protection within reach of the modern American family juggling multiple financial priorities, such as saving for a new car, planning for college, and putting money aside for retirement," Lane added.

Premiums can be allocated to a Fixed Account that offers a guaranteed rate of return and/or to a Select Account, an index-linked interest option tied to the S&P 500 price return index, subject to a cap.

Furthermore, BrightLife offers the option to add for an additional charge a Long-Term Care Services Rider which acts as an acceleration of the life insurance policy’s death benefit that can be used to pay for qualified long-term care expenses.

It offers flexible premium payments, which can be reduced or skipped, enabling the policy to adapt to changing financial needs, so long as the policy contains sufficient cash surrender value to pay monthly premium deductions.