AXA Equitable Life Insurance Company has revised its Athena Universal Life insurance policy.

AXA Equitable, a unit of AXA S.A., Paris, says the flagship UL policy is now a hybrid that offers both a long term no-lapse death benefit guarantee and the ability for owners to build up cash value.

The Athena Universal Life policy offers the no-lapse guarantee at no additional charge. Depending on issue age, the guarantee can stay in force up to age 90, even if the account value falls to 0, provided that the UL meets premium level and other policy requirements, the insurer says.

The guarantee helps keep the costs of insurance down while increasing the potential for cash value accumulation, the company says.

Riders include a long term care services rider for policy owners ages 20 to 70, which accelerates the death benefit in event the insured has qualified long term care expenses. The LTC rider is available for an additional fee.

A charitable legacy rider is available at no additional charge. The rider allows clients with $1 million or more in face amount to leave an additional 1% of death benefit to a qualified charity, up to a maximum of $100,000.

Policy guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company, the company says.