AXA Equitable Life Insurance Company has come out with a new version of a life insurance policy that can insure 2 or more lives and pays off when the last insured dies.

AXA Equitable, New York, a unit of AXA S.A., Paris, says its new Athena Survivorship Universal Life III policy offers a new “Preferred Plus” underwriting class.

Another change is the addition of an optional lapse-protection rider that can guarantee the policy premium against changes in interest crediting rates or increases in policy charges.

The product is suitable for use in business planning situations as well as in situations involving couples, AXA Equitable says.