AXA Equitable Life Insurance and its affiliate, MONY Life Insurance Company of America (MLOA) have launched a revamped edition of the Incentive, Life Legacy (IL Legacy) Series of variable universal life insurance.
Reportedly, IL Legacy II is a variable life insurance product offering investment growth potential with access to a variety of risk mitigation strategies, long-term lapse protection, a chronic illness funding option and the ability to leave a charitable legacy.
Claude Methot, executive vice president and chief product officer of AXA Equitable, said: “Today’s IL Legacy II offers flexible premium life insurance protection with competitive upfront policy costs and features that can help clients manage market volatility to meet evolving financial needs, whether it’s protecting a mortgage, a business or a retirement dream.”
AXA has claimed that IL Legacy II combines life insurance protection and an investment opportunity in one product. It includes a No Lapse Guarantee (NLG) benefit, which guarantees that the IL Legacy II policy will not terminate during the first five to 10 policy years, depending on issue age and as long as certain policy and premium requirements are met.
The IL Legacy series also features a choice of optional riders for an additional cost, including a Long-Term Care Services Rider. “Should the need arise, the Long-Term Care Services Rider accelerates the IL Legacy II death benefit to help defray the burden of long-term care medical expenses. It can be an affordable, hybrid solution to the ‘use it or lose it’ dilemma of traditional long-term care insurance,” added Mr. Methot.
