helping you make sense of your life insurance options

Transcription

1 life insurance helping you make sense of your life insurance options life insurance selection guide Life Insurance Products: Are Not a Deposit of Any Bank Are Not FDIC Insured Are Not Insured by Any Federal Government Agency Are Not Guaranteed by Any Bank or Savings Association May Go Down in Value GE (9/12) (Exp. 9/14)

2 about term, universal, indexed universal and variable universal life insurance What Is Term Insurance? Term life insurance generally provides life insurance protection for a stated period of time such as 10 or 20 years. If the Insured dies while the policy is in effect, the policy s beneficiaries will receive the amount of the death benefit, generally income-tax-free. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well-suited for shorter term protection goals. For example, when parents are in the child-rearing stages of life they may require additional life insurance to help protect those who depend on them. What Is Universal Life Insurance? Universal life is permanent insurance that provides protection in case of death, as well as a potential savings or cash value component. The cash value of a universal life policy is based on the amount of premiums you pay, the declared interest crediting rate, and the policy charges deducted by the insurance company. Unlike term or whole life insurance, universal life policies permit substantial flexibility in the amount and timing of premium payments (within limits), and they generally (subject to certain requirements) offer you the ability to vary the death benefit amount based on your circumstances. What Is Indexed Universal Life Insurance? Indexed universal life insurance combines the features of traditional universal life with the potential to earn interest based, in part, on the upward movement of an equity index. With indexed universal life insurance, you generally may be able to build cash value through index-linked interest options, which are linked to major equity indices. You can allocate a portion of your premium dollars among these indexed option(s), as well as to a guaranteed interest option, or some combination thereof. There is a 0% floor as well as a growth cap on the returns on the index-linked interest options. The floor protects against decreases in the applicable indices and the cap provides for more moderate growth potential than what might be experienced with variable policies. Indexed universal life insurance policies permit substantial flexibility in the amount and timing of premium payments (within limits), and they generally (subject to certain requirements) offer you the ability to vary the death benefit amount based on your circumstances. What is Variable Universal Life Insurance? Variable universal life insurance combines life insurance protection and investment opportunity in one policy. With a variable universal life insurance policy, you generally can allocate a portion of your premium dollars among a broad array of investment options that could include equity portfolios, bond portfolios, a money market portfolio, a guaranteed interest option, or some combination thereof. A wide variety of investment options are available. Variable universal life insurance policy values are not guaranteed and will fluctuate based on the performance of the underlying investment options. Your policy cash value may be worth more or less than the premiums you paid. In addition, there are fees and charges associated with variable universal life policies, including cost of insurance charges, surrender charges, administrative and investment management fees, mortality and expense risk charges, and charges for any optional benefits.

3 Protection for What You Value Most There are many powerful reasons to purchase life insurance. It is used to address personal needs, such as family income protection, wealth preservation and estate liquidity, as well as for business needs, including business continuity, business growth and enhancement and executive benefits. This important purchase can be a difficult one to make. To start, it s an unsettling topic to have to think about: the financial aftermath following your death, which can be untimely and unexpected. Next, how do you assign a dollar amount that is representative of the value of your life? The value you bring to your family, your loved ones and your business is something far greater than what can be expressed in dollars. Certainly, a person cannot be replaced with life insurance, or anything else for that matter. In addition, life insurance is not solely purchased for the protection of others in the event of your premature death; it can also play an important role in your overall long-term financial plan. How does that work? Why would you use life insurance for such purposes? Working with Your Financial Professional With the help of your financial professional, the decision process can be easier. This individual can add value every step of the way, from helping you determine how much life insurance you need to what type or types are right for you. And, in years to come, he or she can assess the coverage you have to help make sure your coverage continues to remain right for you. life insurance selection guide 1

4 Selecting the Amount and Type of Life Insurance Right for You How Much Is Right for You? We understand you want to make the best life insurance decision possible. This means that you first should know how much life insurance you need. Working with your financial professional in this decision is critical. There is more than one approach to determining the right amount for your needs. To begin, your financial professional can walk you through the Life Insurance Needs Analysis Worksheet. Then, your financial professional can help you determine which products are best to help you meet your specific needs and goals. What Type Is Right for You? This brochure is intended to do just that: make you aware of various types of life insurance and the products offered by AXA Equitable Life Insurance Company. 1 It is also intended to provide you with a basic understanding of which needs and circumstances these products are designed to address. However, this brochure does not provide you with important in-depth information, such as key product provisions, conditions and limitations that apply to any given product. Your financial professional can provide you with a brochure (and prospectus, if applicable) that contains the additional information specific to the product(s) you are considering. Simplifying the Life Insurance Selection Process To help you easily navigate through the life insurance selection process, this brochure is broken out into three main categories: the benefits of life insurance uncovering and evaluating your needs addressing your needs with life insurance from AXA Equitable and the help of your financial professional 1 Throughout this brochure AXA Equitable is referenced. In some cases, this is representative of both AXA Equitable Life Insurance Company (AXA Equitable) and MONY Life Insurance Company of America (MONY America), which are affiliated companies. 2 life insurance selection guide

5 the benefits of life insurance Life insurance is a unique financial product and a multipurpose financial planning tool. As a family protection product generally, it provides your beneficiaries with federal income-tax-free cash following your death. As a wealth protection and business protection product depending on when the Insured dies, it can provide a sizable death benefit in relationship to the premiums you pay. As an accumulation product if the policy is one of the types that potentially builds cash value, it may be able to help you, your family and your business meet varied financial objectives while you are living. at death: a plan for your family A life insurance death benefit can help: Pay off your debts, your mortgage, and taxes after your death Replace some or all of your income in order to allow your family to maintain its standard of living Provide college funding to support your children s goals and dreams Put a charitable giving plan in place Maximize the amount you leave to your beneficiaries when used as an estate planning tool Implement a plan to help your business continue when you or a valued employee is lost due to an untimely death while you are living: a plan for you, your family, your business Some types of life insurance can help you: Supplement your retirement income Provide access to your policy s cash values through loans and withdrawals in case of an emergency. 2 Retain employees when used as part of an executive benefits package 2 Withdrawals and loans reduce the policy s cash value and death benefit, increase the chance that the policy may lapse and may cause tax consequences. the benefits of life insurance 3

6 uncovering and evaluating your needs Essentially, there are two types of life insurance: term insurance and permanent insurance. Term insurance is often compared to renting, whereas permanent insurance is more similar to owning. Your situation will dictate what s right for you, and in some cases, it may be a combination of both. Term Life Insurance: Level and Annual Renewable Level Premium payments are guaranteed to be leveraged for a selected period of time that generally ranges from 10 to 20 years. Once the level premium period ends, premiums increase significantly each year thereafter. Annual Renewable Term Premium payments are level for one year and then coverage can be renewed up to a particular age, but generally at a higher premium each year. With term insurance, typically, there is no cash value accumulation. 4 uncovering and evaluating your needs

7 Permanent Life Insurance Variable Universal Life Insurance Potential for non-guaranteed, tax-advantaged cash value build-up. Income-tax-deferred or tax-free investment growth potential through a range of underlying investment options. Cash Value can be accessed through loans and withdrawals. 3 Choice of level and increasing death benefit options. Premium payment flexibility. Face Amounts can be increased or decreased. 4 Indexed Universal Life Insurance Potential for non-guaranteed, tax-advantaged cash value build-up. Growth potential through index-linked interest options linked to major indices that is generally income-taxdeferred and may even be income-tax-free. Interest credited to the client will be based on the performance of the indices linked to index-linked interest options selected, subject to a floor and a current growth cap. Cash value can be accessed through loans and withdrawals. 5, 6 Choice of level and increasing death benefit options. Premium payment flexibility. Face Amounts can be increased or decreased. 4 Universal Life Insurance Potential for non-guaranteed, tax-advantaged cash value build-up. Cash value earns interest at a rate set by the insurance company and generally accumulates income-taxdeferred and may even be income-tax-free. Cash value can be accessed through loans and withdrawals. 5, 6 Choice of level and increasing death benefit options. Premium payment flexibility. Face amounts can be increased or decreased. 4 Traditional Whole Life Insurance 7 Guarantees a level premium and minimum cash value. Dividends can be accessed through withdrawals and cash value can be accessed through loans. 5 Guarantees a minimum death benefit no matter how long you live, as long as premiums are paid as scheduled. Whole life products generally do not include a contractual option allowing the policyowner to either increase or decrease the policy Face Amount. Less flexibility with regard to premium payments and Face Amount changes than universal life. 3 Under current federal tax rules, you generally may take federal income-tax-free withdrawals up to your basis (total premiums paid) in the policy or loans from a life insurance policy that is not a Modified Endowment Contract (MEC). Certain exceptions may apply for partial withdrawals during the policy s first 15 years. If the policy is a MEC, all distributions (withdrawals or loans) are taxed as ordinary income to the extent of gain in the policy, and may also be subject to an additional 10% premature distribution penalty prior to age 59½, unless certain exceptions are applicable. Loans and partial withdrawals will decrease the death benefits and cash value of your life insurance policy and may be subject to policy limitations and income tax. In addition, loans and partial withdrawals may cause certain policy benefits or riders to become unavailable and may increase the chance your policy may lapse. If the policy lapses, is surrendered or becomes a MEC, the loan balance at such time would generally be viewed as distributed and taxable under the general rules for distribution of policy cash values. 4 Face Amount increases generally require evidence of insurability and a pro rata surrender charge may apply to a Face Amount decrease. 5 Please see footnote 3 for important information. 6 Loans and withdrawals are subject to certain rules and may result in changes to how the policy works. For further information, you should review the policy.. 7 AXA Equitable does not offer a traditional whole life product. uncovering and evaluating your needs 5

8 6 uncovering and evaluating your needs

9 addressing your needs with life insurance from AXA Equitable With a 150-year history as a leading provider of life insurance, AXA Equitable offers innovative financial products that have been helping millions of people address their most important insurance and financial goals. The table below lists the types of policies that will be referenced and also the corresponding AXA Equitable policy series. Policy Type Term Insurance Universal Life Indexed Universal Life Variable Universal Life AXA Equitable s Life Insurance Series Term Series SM Athena Series SM Athena Series SM Incentive Life Series To help you and your financial professional more easily identify which policy type may be appropriate for you, in the following tables you will see a column titled Your Needs as well as a column that addresses your objective. Simply read through each section and check off which needs apply to your particular situation. Generally, each need has a corresponding AXA Equitable product which may be suitable for you. addressing your needs with life insurance from AXA Equitable 7

10 protection for your family Death Benefit Protection for Your Family Family Protection Life insurance provides security for your family should something happen to you. Importance to you You are the... Term Series SM Universal & Indexed Athena Series SM Universal Life Incentive Life Series Variable Universal Life Primary wage earner and are concerned about a loss of family income. Payment of death benefit: Paid to beneficiaries when the Insured(s) dies if the policy is in force and the required premiums have been received. Primary domestic care giver (stay-at-home parent) and want to help ensure that your family can fund a full-time nanny or pay for extended day care hours while the primary wage earner tends to career responsibilities. Individual responsible for mortgage payments and want to ensure that your mortgage could be paid in full. Parent and want to provide a source of funds from which college expenses could be paid. Primary retirement savings account contributor and want to know that your spouse will have a comfortable retirement. This short-term option is appropriate in these scenarios when budget is temporarily limited and/or it is combined with permanent insurance. Opportunity to convert to permanent insurance: You may be able to convert your term policy to one of our permanent life insurance products. If you convert your term insurance, you ll benefit by being able to obtain the same Face Amount, or less, of permanent insurance without furnishing us with any additional evidence of your insurability. Selecting a permanent policy may be a smart choice: If you have long-term coverage needs, the cost of continuing term insurance as you age can become very expensive. You may outlive your ability to afford term insurance before you outlive your need for its protection. Also, purchasing a permanent policy at a younger age may result in lower premiums over the course of your lifetime. 8 protection for your family

11 Short-Term Protection You may find yourself in a transitional period where, due to temporary circumstances, you are in need of protection for a period of 15 years or less. Your Needs You need short-term protection to help address a Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life Cash flow concern and are looking for short-term interim coverage. Period of indecision as to your longterm coverage needs and are looking for short-term coverage in the interim. Short-term coverage need consisting of either an interim period where you will be without coverage or another circumstance that necessitates protection for a short period of time. Usually, the most cost-effective form of life insurance for addressing short-term protection needs: In many instances, short-term means coverage for a specific financial obligation or financial risk that will either be paid off or not exist within 15 years or less. May not be the best choice for shortterm protection needs: Permanent policies are generally not suited for shortterm protection needs. Income-Tax-Free Death Benefit Proceeds Arranging for beneficiaries to receive a sum of money at your death in a tax-efficient manner can make a considerable difference in how far that money will go. Life insurance can play an important role in your tax planning. Your Needs Would you like an... Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life Income-tax-free death benefit to be received by your loved ones. Estate-tax-free inheritance paid to your beneficiaries from an estate plan that incorporates life insurance. Income-tax-free death benefit: A life insurance death benefit generally provides your family with an income-tax-free benefit. Estate-tax-free death benefit: If ownership is structured properly, life insurance can provide estate-tax-free proceeds to your beneficiaries. Depending on your situation, the estate tax savings can be significant. Please consult with your own legal and tax advisors about your particular circumstances. protection for your family 9

12 Wealth Transfer At some point in your life you are going to look back and realize all that you have accomplished. Successive generations have relied on your guidance and support as they have transitioned into adulthood and started families of their own. Life insurance can be an ideal product to help you to plan for the transfer of your wealth and thereby continue your family legacy. Your Needs You would like to... Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life Transfer wealth to your loved ones in the form of a life insurance death benefit. Plan for your estate in order to provide liquidity to pay your estate s tax liability or restore part or the entire portion of your assets that will be lost to estate taxes. Make a charitable gift in the form of a life insurance death benefit. Term policies are not commonly used for wealth transfer: These policies have limitations, both contractually and from a practical financial standpoint, as to how long they can be kept in force. The ability to offer lifelong protection: Permanent policies can be kept in force for as along as the Insured(s) lives and required premiums are paid. Available as a survivorship product: Survivorship policies insure the lives of two people, typically a husband and wife, under one life insurance policy. A death benefit is paid after the death of the last surviving Insured. (Athena Indexed Universal Life SM is for individuals only.) A potentially cost-effective way to pay estate taxes, transfer wealth, or assist a charitable beneficiary: These objectives are generally best satisfied by a policy offering lifelong protection. Policies have the potential to pay a large death benefit relative to the premiums that you pay. Living Benefits for You and Your Family Financial Support Assuming your life insurance policy is adequately funded, permanent life insurance can provide you and your family with financial support while you are alive through loans and withdrawals.you have access to cash value through loans and withdrawals, potentially free of income tax, as long as the policy stays in force until the Insured s death. Withdrawals of the net cash surrender value are available as well. 8 Please note that outstanding loans accrue interest. Income-tax-free treatment also assumes the loan will eventually be satisfied from income-tax-free death benefit proceeds. 8 Your Needs You would like an additional source of Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life Retirement income to help you enjoy financial independence. College funding that can be used toward a child s education. These policies generally do not build cash value or build cash value to a limited degree. Access to cash value: You may access your policy s cash value through a combination of withdrawals and policy loans. 8 Please see footnote 3 for important information. 10 protection for your family

13 Flexibility As time passes, you may find that your family s financial priorities have changed. Some policies offer features that allow for a certain amount of flexibility with regard to certain policy attributes. This flexibility can help your policy adapt to your changing needs. Your Needs You would like Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life The ability to adjust your premium payments depending on your personal circumstances instead of adhering to a set premium payment schedule. The ability to adjust your death benefit instead of adhering to a set premium payment schedule. Not available. Not available. Flexible premiums: Affordable, cost-effective, premium payment flexibility. Death benefit choice: You can choose from one of two Death Benefit Options. If you re looking for lower-cost protection, the Level Death Benefit (Option A) provides a death benefit equal to the Face Amount of the policy. The Variable Death Benefit (Option B) provides a death benefit equal to the Face Amount of the policy plus the policy s account value. Flexible death benefit: Policy Face Amounts can be increased or decreased within limits; evidence of insurability is required and surrender charges may apply. protection for your family 11

14 Cash Value Accumulation Depending on your personal circumstances, which include your age, the investment allocation of your other assets and your overall appetite for risk, it s likely you have a preference as to how and if your life insurance cash value is invested. Your Needs You are interested in performance that reflects Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life More conservative interest rate based returns. Term policies generally do not build cash value. However, some build cash value to a limited degree at a certain point in the future. Athena Universal Life SM : Cash value is credited with interest every month. Policies offer lowervolatility interest- rate-based returns and also feature a minimum guaranteed interest rate. Athena Indexed Universal Life SM : Cash value is credited based on the performance of the selected index- linked interest options and the Guaranteed Interest Account, subject to the guaranteed floor of 0%, providing downside protection, and the Growth Cap Rate. Include a Guaranteed Interest Option: But are generally not the best choices if you are strictly looking for a fixed rate of return. More aggressive equity nvestments that have the potential for higher returns. Not available. Athena Indexed Universal Life SM offers a choice of four indexed options linked to three major indices representing small-cap U.S., large-cap U.S. and international. While 0% floor limits downside, growth cap rate limits upside potential exposure of the indexed options. A wide range of variable investment options: Allocate your cash value among a broad array of investment options that include equity portfolios, bond portfolios, money market portfolios and asset allocation portfolios. 12 protection for your family

15 Beneficial Tax Treatment Tax benefits can play a role in helping you achieve your long-term goals. The growth potential of life insurance can be enhanced by the tax advantages. Your Needs Would you like Term Series SM Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life Tax-deferred accumulation of your cash value. Tax-free access to your cash value. Term policies generally do not build cash value. Term policies generally do not build cash value. Tax-deferred cash value accumulation: Any potential earnings within your policy accumulate on a tax-deferred basis and are not reduced by income taxes unless or until there is a taxable distribution from the policy. Therefore, 100% of any earnings remain at work toward additional growth or to cover policy charges. Tax-free withdrawals and loans 9 : In many cases, as long as your premiums stay within IRS limits and certain other conditions are met, you can access your policy s cash value without a current tax liability. You may use withdrawals and loans as an income stream to supplement your income during retirement. Withdrawals generally can be taken up to your basis, usually the total amount of premiums you ve paid, less previous nontaxable withdrawals, in the policy without current income taxation. You may then switch to loans, which are generally not subject to income taxation when made as long as your policy remains in effect until the death of the Insured and repaid with income-tax-free death proceeds. Different rules apply for policies that are classified as Modified Endowment Contracts (MECs) because premiums paid exceed certain IRS limits. If the policy lapses, is surrendered or oversteps IRS limits and conditions, a previously untaxed outstanding loan or new loan may become taxable to the extent that there gain in the policy. 9 Please see footnote 3 for important information. protection for your family 13

16 protection and enhancement for your business 10 Business Owner Objectives Life insurance, with its ability to pay a death benefit at the death of an Insured, is uniquely positioned to help your business strategically address meaningful operational objectives. Your Needs Would you like to Term Series SM Universal & Indexed Athena Series SM Universal Life Establish a buy/sell arrangement with life insurance, making it possible for business partners to purchase the business from beneficiaries in the event of a partner s death. Insure a key employee who is critical to the success of your business. Provide an executive benefit using life insurance as part of your benefits package. Programs can effectively help retain and reward selected employees. Term Series SM products: Provide cost-effective coverage, especially for acompany in its beginning stages, and can be converted later to permanent coverage. Do not build cash value. Have limitations, both contractually and from a practical financial stand-point, as to how long they can be kept in force. Incentive Life Series Variable Universal Life Availability of products designed specifically for corporate-owned business planning that: Increase the Cash Surrender Value, which can offset the negative impact of premium outlays on a corporation s balance sheet. Can help to offset the liability on a corporation s balance sheet where cash value accumulation is required to fund a future benefit to business owners and key employees. 10 This section is for business owners. Consult a financial professional to learn how life insurance can be used as part of an overall estate or business continuation plan. For employer- and business-owned life insurance policies, additional federal income tax rules need to be considered, including employee eligibility and consent, as well as tax reporting requirements. 14 protection and enhancement for your business

17 Beneficial Income Tax Treatment for a Business Life insurance can be an important component of an effective and strategic plan that can help your business manage and ultimately reduce its tax liability. Corporate- and business-owned policies must satisfy special additional tax law requirements in order to qualify for certain tax-favored treatment. These rules, including notice and consent requirements, must be met before a policy is issued. Your Needs Would you like Term Series SM Athena Series SM Universal & Indexed Universal Life Income-tax-free death benefit proceeds. The ability to defer a tax liability on an asset that has the potential to positively affect your company s balance sheet. The ability to offset a tax liability when paying promised retirement benefits or for other strategic purposes. Incentive Life Series Variable Universal Life Income-tax-free death benefit: At the death of a key person, life insurance can provide your business with a tax-free benefit. 11 Term policies generally do not build cash value. Term policies generally do not build cash value. Tax-deferred cash value accumulation: Any potential earnings within your business s policy accumulate on a tax-deferred basis and are not reduced by taxes unless or until there is a taxable distribution from the policy. Therefore, 100% of the earnings can stay at work toward additional growth. 11 Tax-free withdrawals and loans: 12 In many cases, as long as your business s policy is not classified as a Modified Endowment Contract (MEC), your business can access the policy s cash value without a current tax liability. Withdrawals generally can be taken up to the basis (usually the total amount of premiums paid, less non-taxable withdrawals) in the policy without current taxation. Your business may then switch to loans, which are not subject to income taxation as long as the policy remains in effect and does not become a MEC. If the policy lapses, is surrendered or becomes a MEC, a previously untaxed outstanding loan may become taxable. Flexibility for a Business Depending on economic conditions, you may find that the financial priorities of your business have changed. Some policies offer features that allow for a certain amount of flexibility with regard to certain policy attributes. This flexibility can help your policy adapt to your business s changing needs. Your Needs Would you like Term Series SM Not available. Athena Series SM Universal & Indexed Universal Life Incentive Life Series Variable Universal Life The ability to adjust your premium payments instead of adhering to a set premium payment schedule. This flexibility can help your business adapt to changes in cash flow from year to year. Flexible premiums: Affordable, cost-effective, premium payment. The ability to adjust your death benefit. This flexibility can allow your business to adjust its coverage possibly to correspond with changes in the business s value. Not available. Flexible death benefit: Policy Face Amounts can be increased or decreased within limits; evidence of insurability is required and surrender charges may apply. 11 Earnings and death benefits may be subject to corporate alternative minimum tax. 12 Please see footnote 3 for important information. protection and enhancement for your business 15

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20 what s next? Work with your financial professional to get the protection you need from a company you can trust. Whether your protection goals center on your family or your business, the protection afforded to you by an AXA Equitable life insurance policy can help put everyone s mind at ease. Now that you ve identified your life insurance needs and objectives, work with your financial professional to implement the right policy(ies) for your needs. Your financial professional can show you which insurance policy(ies) may fit into your overall financial strategy. With an insurance policy, you can do your part to take care of your loved ones or your business after you re gone and help ensure that their financial futures are secure. Variable universal life insurance is sold by prospectus. The prospectus contains more complete information about the policy, including risks, charges, expenses and investment objectives. You should read the prospectus and consider the information carefully before purchasing a policy. Contact your financial professional for a prospectus. Please be advised that this brochure is not intended as legal or tax advice. Accordingly, any tax information provided in this brochure is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and you should seek advice based on your particular circumstances from an independent tax advisor. Variable life insurance products are issued by AXA Equitable Life Insurance Company (AXA Equitable), New York, NY and MONY Life Insurance Company of America (MONY America), an Arizona Stock Corporation with its main administrative office in New York, NY, and is co-distributed by AXA Advisors, LLC and AXA Distributors, LLC. Fixed life insurance products are issued by AXA Equitable and offered through AXA Network, LLC and AXA Distributors, LLC. AXA Equitable, MONY America, AXA Advisors, AXA Distributors and AXA Network are affiliated companies and do not provide legal or tax advice. Life insurance policies have limitations, exclusions and terms for keeping them in force. Certain types of policies, features and benefits may not be available in all jurisdictions or may be different. For costs and more complete details of coverage, call your financial professional. All guarantees are based solely on the claims-paying ability of the issuing life insurance company. Incentive Life is a registered service mark and Term Series SM, Athena Universal Life SM and Athena Indexed Universal Life SM are service marks of AXA Equitable of AXA Equitable Life Insurance Company, NY, NY AXA Equitable Life Insurance Company. All rights reserved Avenue of the Americas, New York, NY 10104, (212) G29937 GE (9/12) (Exp. 9/14) Cat. # (9/12)