Dubbed as BrightLife Protect, the new product is a flexible, premium universal life insurance policy with an index-linked interest option with a low cost structure and flexibility to adjust to a policyholder’s changing needs.
AXA US Life and Retirement business head Nick Lane said, "In the U.S., individual life insurance ownership is at a 50-year low, putting many American families and businesses at financial risk."
"At AXA, we’re responding to a changing marketplace that demands affordable coverage as never before.
BrightLife Protect is a product designed to bring financial protection within reach of the modern American family juggling multiple financial priorities, such as saving for a new car, planning for college, and putting money aside for retirement," Lane added.
For the policy, premiums can be allocated to a fixed account (guaranteed interest account) that offers a guaranteed rate of return and/or to a select account, an index-linked interest option tied to the S&P 500.
It has also an option to add a long-term care services rider for an additional charge, which works as an acceleration of the life insurance policy’s death benefit that can be used to pay for qualified long-term care expenses.