If you have ever purchased life insurance, you may know there are some factors which are important to keep in mind. These include the amount and the type of protection you are buying. This is because you do not want the people who are counting on you to go without the financial means they may require to pay off debt and / or to pay living expenses in case of the unexpected.
There is also another key criterion to be aware of, though, when buying a life insurance policy. This is the insurance carrier you are purchasing the coverage through. Here, you will want to ensure the insurer is strong and stable from a financial standpoint and it has a positive background regarding paying out its claims. You will have the peace of mind in knowing the company is much more likely to be there if and when your loved ones may need to file a claim.
One large insurance and financial company is well known in the industry for having a strong financial presence, as well as for paying out its claims in a very timely manner is AXA Financial. This is our AXA Financial Life Insurance Company review, and should be a part of your research among the best life insurance companies in the USA currently.
The History of AXA Financial Life Insurance Company
AXA has been in the business of helping its clients attain financial security since back in 1859. The company’s founder, Henry Hyde, left Mutual Life Insurance Company of New York to begin his firm, which was initially named Equitable Life Assurance Society of America. In Equitable’s tenth year, the company wrote more new business than any other insurer in the world.
At around this same time, in 1870, the company built its new headquarters building in New York City. The building not only paved the way for future skyscrapers, but it was the first office building which had steam elevators. It also later expanded – and by 1879, it was the tallest office building in the world at the time.
Throughout the years, the company continued to grow and expand, marking some key milestones. For example, Equitable was the first company to market a joint and survivor annuity. The company also pioneered the practice of paying out death claims immediately.
In addition, Equitable also supported The American College in launching the CLU (Chartered Life Underwriter) professional designation program in 1927, and it also started new agent training classes in the early 1900s. The company was an initial pioneer of variable life insurance.
In 1992, with a $1 billion investment from the AXA Group, Equitable was converted over from a mutual to a stock company. It also became a member of the Global AXA Group. In 2015, AXA celebrated its 7th consecutive year as the #1 insurance brand in the world.
Our AXA Financial Life Insurance Company Review
Today, AXA Financial has more than 103 million clients in 64 different countries who are served by roughly 166,000 employees. The company offers a wide array of products and services, including life insurance and annuities, as well as Individual Retirement Accounts, mutual funds, and brokerage and advisory accounts.
In addition to providing insurance and investment products and advice, AXA also offers more to its clients. For example, the AXA Foundation directs philanthropic and volunteer activities. Here, the company’s commitment to corporate responsibility can be seen via volunteerism and philanthropy. The company’s signature is AXA Achievement, a program assisting students and parents in taking the next step towards college, and educators take the next step towards success.
The company also values diversity and inclusion. It does so by both promoting and recognizing diversity in its employees, suppliers, and clients. Also, AXA Financial has also been recognized as being the recipient of numerous awards and accolades, such as the following:
- Top Places to Work – 2015
- Best Places to Work for LGBT Equality – 2016
- Best Companies for Multicultural Women – 2012 and 2013
- Corporate Equality Index 2013 – Score of 95 out of 100
- Women Presidents’ Educational Organization Corporate Leadership Award – 2012
- Top 50 Employer by Equal Opportunity Magazine – 2012
- DiversityInc Top 50 List – 2011
AXA Financial Life Insurance Company Ratings and Grades
Based on its financial strength and stability, as well as its reputation for paying out policyholder claims, AXA has been given the following ratings from the insurer ratings agencies:
- A+ (Positive) from Standard & Poor’s
- Aa3 (Stable) from Moody’s
- AA- (Stable) from Fitch
In addition, AXA Financial has been an accredited business with the Better Business Bureau (BBB) ever since February 4, 1937. The company has been given the grade of A+ (on an overall grade scale of A+ through F).
Throughout the past three years, AXA Financial has closed out a total of 28 complaints (15 of these were closed in the last 12 months). Of the 28 total complaints, 21 had to do with the company’s products and / or services, four had to do with advertising and / or sales issues, and three were in regards to billing and / or collection issues.
Life Insurance Products Offered By AXA
AXA Financial offers some different life insurance products to chose from. This is a positive in the company’s clients can obtain the coverage which most closely fits their needs. It can also be helpful so customers can alter or change their coverage as their needs evolve over time.
The company offers both term and permanent life insurance protection. With term life insurance, the insured will obtain pure death benefit coverage only, without any cash value build up. Term life insurance is purchased for only a certain amount of time, such as for ten years, 15 years, 20 years, or even for 30 years, depending on the individual’s coverage needs.
In some cases, a term life insurance policy may be “converted” over into a permanent life insurance policy. The insured may or may not be required to show proof of insurability, and they may not need to take a medical examination to do so.
With permanent life insurance protection, there is both a death benefit and cash value build up. This means the insured can build up a savings along with having the benefit of life insurance coverage. The cash value is allowed to grow tax-deferred. This means there are no taxes due on this growth unless the funds are withdrawn. The money in the cash value component can be either borrowed or withdrawn for any reason by the policyholder.
Unlike term life insurance, permanent life insurance policies are not purchased for a certain period, but rather for the remainder of the insured’s lifetime – provided the premium continues to be paid.
The life insurance policies sold by AXA Financial include the following:
BrightLife Term Insurance
The BrightLife Term insurance policy offers simple life insurance protection for a limited period of time. There are two different premium options which can be chosen with this policy. With one, the policyholder can pay a level, fixed premium for 1, 10, 15, or 20 years. Or, they can opt to pay premiums which increase each year. With the second option, the premium will typically start out being initially lower than with a 10, 15, or 20-year option, but then end up higher in the later years.
Interest-Sensitive Whole Life Insurance
The Interest Sensitive Whole Life insurance option offers a guaranteed minimum amount of cash value which increases each year and equals the face amount when the insured reaches the age of 100. The account value of the policy may also be enhanced by additional interest. The cash in this policy, as well as the amount of the death benefit, can never be decreased by economic conditions, as long as the premium is paid.
BrightLife Protect Universal Life Insurance
BrightLife Protect is a universal life insurance policy. These plans offer a flexible premium policy which provides the opportunity for lifetime insurance protection, as well as the accumulation of policy cash value. Within the cash value is the ability to allocate funds to a fixed account, as well as to a select account.
BrightLife Grow Indexed Universal Life Insurance
Indexed universal life insurance offers the ability to grow the cash value based on the performance of an underlying index such as the S&P 500. If the underlying index performs well, cash value can increase. However, these policies also offer built-in downside protection where the index performs poorly, the cash value will not decrease.
IncentiveLife Optimizer lll Variable Universal Life Insurance
With the IncentiveLife Optimizer lll policy, the cash value has the opportunity to grow based on underlying equity options, or “sub-accounts”. These are professionally managed investment portfolios. There are also a wide array of other investment options the policyholder may choose from.
IncentiveLife Legacy lll
The IncentiveLife Legacy lll variable universal life insurance policy was essentially designed for those who are seeking an affordable permanent life insurance plan, but who also want to keep their premium dollars working through market-sensitive investment options. This policy’s cash value has the opportunity to grow – up to a given cap – as well as provides downside protection.
BrightLife Grow Survivorship
The BrightLife Grow Survivorship offers coverage for two individuals. This type of policy is often used by couples to ensure the next generation is provided for when they pass on. And, because the policy’s cash value can be accessed – potentially on a tax-free basis – this policy can also help the policyholders to supplement retirement income if needed.
Athena Survivorship Universal Life IV
The Athena Survivorship Universal Life IV policy also offers life insurance protection for two individuals, and it also provides a highly flexible payment stream. This policy is often purchased by married couples to ensure beneficiaries are taken care of. The death benefit is paid out at the passing of the second individual. This way of covering two lives can be less costly than purchasing two separate life insurance policies. There is also a no lapse guarantee on this policy.
Other Products Offered
In addition to life insurance coverage, AXA Financial also offers a number of other products and services to its customers. These can help the company’s clients with the growth and the protection of their wealth.
Regarding planning for retirement, AXA Financial offers variable annuities, which can provide a guaranteed lifetime income. The company also offers Individual Retirement Accounts (IRAs), and other savings plans such as 401(k)s, 403(b)s, and 457(b) plans.
AXA also offers a broad line of investment products, as these are crucial to meeting long and short term goals. These include mutual funds, as well as investment services such as brokerage and advisory accounts.
On the employer side, AXA Financial also provides services who can assist businesses with attracting and keeping good, quality talent such as employee benefit packages and financial education.
Is AXA Financial Life Right For You?
When seeking the best life insurance premium quotes, you will typically want to work with an independent brokerage who has access to multiple life insurers. We can help you in this area, as we work with many of the top life insurance carriers in the marketplace today. If you are ready to move forward, all you need to do is just simply take a minute to fill out the quote form on this page.
Should you find you still have any questions regarding life insurance or need further assistance on how to obtain a quote, please feel free to contact us directly via phone.
We understand obtaining life insurance coverage does entail many variables – and you want to ensure you are going with a good, strong company who will be there for your loved ones if they need for files a claim. So, contact us today – we’re here to help.