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Life Health > Life Insurance

VUL Policy Revamped

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AXA Equitable Life Insurance Company and a sister company have introduced the Incentive Life Legacy II variable universal life insurance policy.

The new version of the Incentive Life Legacy product comes with a choice of stock investment funds, bond funds, a money market fund, and a guaranteed interest option, according to AXA Equitable, New York, a unit of AXA S.A., Paris.

Policyholders can manage investment risk themselves using asset allocation, asset rebalancing and dollar cost averaging features.

The policy also protects holders with a built-in, no-lapse guarantee benefit. The feature “guarantees that the IL Legacy II policy will not terminate during the first 5 to 10 policy years, depending on issue age and as long as certain policy and premium requirements are met,” AXA Equitable says.

Consumers can pay extra for an Extended No Lapse Guarantee rider. That rider can prevent coverage from lapsing for a period up to age 90, depending on issue age, even if the policy’s account value falls to 0, AXA Equitable says.

Policyholders also can buy a Paid Up Death Benefit guarantee and a Long-Term Care Services rider. The death benefit guarantee enables policyholders to lock in a minimum guaranteed death benefit. The LTC rider, available to policy buyers ages 20 to 70, can give a policyholder who becomes chronically ill the ability to convert the policy benefits into a stream of monthly payments.

Another rider, the Charitable Legacy rider, permits clients with a death benefit of $1 million or greater to leave an additional 1% of the death benefit to one or two charities at no additional cost. The maximum charitable death benefit available through the rider is $100,000.

AXA Equitable issues the VUL policy in New York state and Puerto Rico. A sister company, MONY Life Insurance Company of America, issues the policy in other states.

AXA Equitable is responsible for backing the policy and rider guarantees associated with the policies it writes, and MONY Life is responsible for backing the guarantees associated with the policies it writes.


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