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.