AXA Equitable has introduced a simplified issue underwriting process for its return of premium term life insurance on policy face amounts from $100,000 to $249,999.
Applying for return of premium term (ROP Term) with Simplified Issue will involve a painless, self-administered oral swab, a private 15 to 20 minute telephone interview, and a short application.
AXA Equitable’s ROP Term series will offer level death protection for a selected period and the potential to receive a premium refund. If a policyholder outlives the ROP Term level premium period selected and the policy is still inforce, he or she will receive a refund of 100% of the eligible cumulative premiums paid. The cash refunded is federal income tax free.
During specified periods, ROP Term Simplified Issue is convertible to AXA Equitable’s permanent life insurance, without having to furnish additional evidence of insurability. No medical exams or blood tests are required.
Claude Methot, senior vice president and chief product officer of AXA Equitable, said: ROP Term with Simplified Issue makes buying life insurance easier and more convenient. There are no needles. No samples. No lengthy applications and complicated underwriting questionnaires. No paramed exams. No waiting for attending physician statements from your doctor.