An insurer says it will be lowering the cost of keeping universal life coverage in force.

AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, says it is cutting rates for the Athena Universal Life policy with a built-in Lapse Protection Rider.

Consumers who buy the Athena UL-LPR policy and follow program rules can keep coverage from lapsing even if interest rates go down.

AXA Equitable is responsible for backing the product guarantees.