A large insurer has come out with a new line of level-premium life insurance products.
AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, says the new AXA Equitable Term Series family will include an annual renewable term product along with policies that offer a choice of level-premium terms of 10, 15, 20 and 30 years.
After the level-premium term ends, premiums will increase at guaranteed rates, AXA Equitable says.
Holders of the 10- and 15-term policies can convert to any permanent policy that AXA Equitable sells at any time during the level-term periods, the company says.
The 20- and 30-year term policies are convertible for 20 years, AXA Equitable says.
Riders available with the term policies include a disability premium waiver rider and a children’s term insurance rider.
Policies sold outside of New Jersey and Washington include a living benefits rider that gives policyholders who are suffering from a terminal illness the ability to tap benefits.