The sister companies that sell the Incentive Life variable life insurance products have expanded the policies’ rider menu.
AXA Equitable Life Insurance Company, New York, and MONY Life Insurance Company, New York, units of AXA S.A. Paris, have introduced the Living Care Rider and the Extended No-Lapse Guarantee–IL Legacy Rider.
AXA Equitable and MONY will be offering the Living Care Rider to individuals between ages of 20 and 70 who buy the AXA Equitable IL Legacy and IL ’06 variable life products.
The rider will pay a predetermined percentage of the death benefit amount to life policyholders who become chronically ill and need long term care, according to AXA.
The AXA units are selling the new extended no-lapse guarantee rider to help policyholders keep the IL Legacy – Guaranteed Protection with Upside Policy from lapsing for a specific period, regardless of investment performance.
AXA Equitable and MONY are responsible for backing the rider guarantees.