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The Equitable Life Insurance Company Review

Michael Horbal on

Is Equitable a Good Life Insurance Company?

It’s important to consider all factors when deciding the best life insurance companies for your needs.

AXA Equitable has been helping people since 1859 in the U.S.

Financial Strength

Life insurance company ratings are just one aspect that you should consider when choosing your life insurer.

  • AM Best = A (3rd highest of 15)
  • Moody’s = A2 (6th highest of 21)
  • S&P = A+ (5th highest of 20)

Ratings as of – AM Best – 01/2021, Moody’s – 10/2020, S&P – 10/2020 – Subject to change

Equitable has over $701 billion of assets under management as of 2019.

The Equitable Foundation is involved in scholarship programs, community-based philanthropy, disaster relief, and much more.

For comparisons to other companies, check out our review of New York Life and Guardian.

Are Equitable Life Policies Competitive?

You’ll find that Equitable is competitively priced, especially for life insurance amounts of $500,000 or greater.

Term Series 160

Term Series 160 is AXA Equitable’s level term life insurance policy.

  • Minimum Face Amount – $500,000
  • Term lengths available:
    • Annual Renewable Term (ART) – Ages 18 – 70
    • TermOne – Ages 20 – 99
    • 10 Year Term- Ages 18 – 75
    • Term 15 – Ages 18 – 70
    • Term 20 – Ages 18 – 65

The conversion privilege for the 10, 15, and 20-year term is the earlier of age 70 or prior to the end of your level term period.

The ART is age 70.

Equitable will give you a conversion credit equal to 125% of the first-year base premium (does not include rider costs).

After the first 5 years, the conversion credit is 100% of the first year premium.

Other features that may appeal to you include the ART discount of 10% for the first year only if you pay annually.

TermOne

If you’re looking for a term insurance policy available for a 99-year-old,

AXA Equitable is the only life insurance company we know of that has one!

The TermOne life insurance product expires at the end of one year and is not renewable.

Some details of this policy include:

  • Issue Ages 20 – 99.
  • Minimum Face Amount is $25,000
  • Maximum Face Amount:
    • $1,000,000 for ages 20-69
    • $500,000 for ages 70 – 79
    • $250,000 for ages 80 – 99
  • Premium Mode – annual premiums only
  • Underwriting Rate Class – Standard rate only.
  • Tobacco and Non-tobacco receive the same rate.
  • Conversion – This policy may be converted if the issue age is under 79.

IUL Protect 160

Equitable offers the IUL Protect indexed universal life insurance policy.

With index universal life insurance policies,

The interest rate credited to your policy is based on the performance of a stock index, the S&P 500 for this product.

With the IUL Protect 160, Equitable provides a guaranteed death benefit to age 90,

With non-guaranteed performance lasting to age 100 and beyond.

Benefits and features of the IUL Protect include:

  • Minimum Face Amount – $50,000
  • Issue Ages – 18 – 85
  • Choice of Fixed or Indexed Interest Accounts
  • Charity, Living Benefits, and Long Term Care Riders

Equitable’s IUL policy is competitive with many companies, including Lincoln National and AIG index universal life products.

If you’re looking for long term cash value accumulation with a guaranteed death benefit,

The Equitable index universal life policy is worth a look.

Whole Life Insurance

AXA Equitable offers an interest-sensitive whole life insurance policy.

This is a non-participating (no dividends) policy that offers:

  • Minimum Face Amount – $50,000
  • Issue Ages 18 – 80
  • Premiums are guaranteed
  • Cash value equals the face amount at age 100.
  • Riders for Living Benefits, disability, children’s term rider

If you are looking for whole life insurance, we’ll provide you with illustrations from Equitable and other companies.

Equitable Life Insurance Riders

There are a number of riders available, including:

  • Children’s Term Insurance Rider
  • Disability Premium Waiver Rider
  • Living Benefits Rider

Charitable Legacy Rider

AXA Equitable offers a no-cost charitable legacy rider on its IUL Protect product.

This rider provides a benefit equal to 1% of your base policy (up to $100,000) to charities of your choice.

Children’s Term Insurance Rider

  • Available on children age 0 – 17
  • Coverage amounts from $2000 – $25,000 ($50,000 in NY)
  • Limitations apply based on the amount of your policy.
  • The cost is $5.25 per every $1,000 of coverage
  • The rider covers all eligible children
  • The rider may be converted to permanent insurance

Disability Premium Waiver Rider

This additional cost rider waives the premium on your policy.

You must provide the company with documented evidence of total disability.

The disability must have continuously existed for the past 6 months.

Premiums are waived as long as the disability continues.

Living Benefits Rider

This no-cost rider allows the policy owner to receive a portion of the policy’s death benefit if,

The insured is terminally ill with no more than 12 months to live.

The maximum benefit available is the lesser of 75% of the policy’s death benefit or $500,000.

The availability and benefits of this rider may vary by state.

Long Term Care Services Rider

Equitable’s long-term care rider is available with the IUL Protect policy for an additional cost.

This rider allows you to accelerate your life insurance death benefit to be used for qualified long-term care expenses.

Policy Changes

The following rules apply to policy changes:

  • Face amount of coverage may not be changed.
  • Tobacco use change allowed after policy year 1.
  • Rating Reduction requests are allowed after year 1
  • Some riders may be added or terminated after the policy has been issued.

How Easy is it to Get a Policy with Equitable?

Underwriting Programs available include.

Easy Underwriting Program

This is an accelerated underwriting program that may eliminate paramed exams and labs.

  • Ages 18-55
  • Face Amounts up to $2,000,000
  • Preferred, Standard and Substandard cases allowed
  • Term and permanent products available
  • Available in all jurisdictions, including NY

The Easy Underwriting program uses the e-application process to streamline underwriting.

STEP Program – Equitable offers the Smart Total Evaluation Program.

This program allows a one-rate class improvement if you have other favorable risk factors and a healthy lifestyle.

STEP Eligibility and Factors Considered

  • Ages 20 – 69
  • All fully underwritten products are available
  • Non-Tobacco users only
  • Favorable insurance labs
  • Family history is favorable
  • Exercises on a regular basis
  • Rated up to table 3 on permanent cases.
  • Not available for table rated term cases

If you have one factor that keeps you out of a better rate class,

The STEP program may help you get a better offer.

An Incentive to Stop Tobacco Use

Equitable offers an incentive for their universal life insurance policies for current tobacco users.

If you are currently a tobacco user,

Equitable will charge you the non-tobacco cost of insurance charges for your first year of the policy.

If you have documented with your physician that you have not used tobacco for 12 months,

You may continue with the non-tobacco cost of insurance charges.

This program offers great potential if you are in the process of quitting, or if you quit smoking less than 12 months ago.

Foreign Nationals and U.S. Citizen Expatriates

Equitable offers underwriting programs to help both foreign nationals and U.S. citizens living abroad.

If this situation applies to you, please submit a request and we will provide you with the information specific to your situation.

Does Equitable Provide Good Customer Service?

You may reach Equitable customer service at 800-777-6510

You may login to your Equitable account – here

Equitable Headquarters is located at:

1290 Avenue of the Americas – New York, NY. 10104

Equitable Conclusion

The Equitable tends to be very competitive with higher face amounts and older insureds.

We’ve had success placing coverage for executives and others with health issues.

Please take a few minutes to submit your quote request today. Thank you.

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Mike Horbal bio

Michael Horbal

Author

Michael Horbal is the founder and owner of RiskQuoter.com and a licensed life insurance agent who has helped thousands with affordable protection for families and businesses.

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