Effective September 23, 2019, Term Series 160 will be available for sale in all jurisdictions where AXA Equitable currently does business. Term Series 160 is replacing the current BrightLife® Term Series 157 level term and ART products and BrightLife® TermOne® Series 155B with 2017 CSO Table compliant term products.
Our Term Series continues to offer some of the most competitive conversion privileges, including the ability to apply for our industry-leading Long-Term Care Services Rider with limited underwriting requirements (no routine lab or paramedical exams) if clients convert within the first 5 policy years.
Term Series products include:
- Term 10
- Term 15
- Term 20
- Annual Renewable Term (ART)
- TermOne®
Key Changes
- The High Profile (Levelized) Commissions process has been updated to ONLY apply to Term 10 or ART policies owned by a team that insures an athlete.
- ART offers a 10% discount on first-year premiums for policies issued on an annual payment mode. This discount now applies in all jurisdictions (previously this was unavailable in New Jersey).
- ART no longer requires a State Certification (Form 180-727R) in Montana.
- TermOne® is now available for use with Qualified Plans
Competitive Term 20 rates
Here’s something that hasn’t changed — we still offer some of the most competitive Term 20 rates in the industry today.
Making it easy to convert to permanent insurance
Clients can:
- Convert any time within the entire level period
- Convert to any of our permanent policies
- Receive a 125% credit if they convert within the first 5 policy years
- Apply for the Long-Term Care ServicesSM Rider if converting within first 5 policy years
- Receive credit for the entire conversion period
State Availability
Effective September 23, 2019, Term Series 160 will be available for sale in all jurisdictions where AXA Equitable currently does business. TermOne® will continue to be offered through AXA Equitable in all jurisdictions and through MLOA in all jurisdictions except New York and Puerto Rico. A state availability chart will be posted in the Products section of www.us.axa.com at product launch.
Transition Process
Applications for the current term products will continue to be accepted through October 18, 2019. Signed applications received after October 18, 2019, will be processed as the new 2017 CSO Compliant Term Series 160 product, provided all the necessary requirements are received.
Prospective owners of applications for term products currently pending underwriting approval when the new products launch may elect to switch to the new Term Series 160 product. This transition period allows customers the opportunity to take advantage of potentially lower rates on the new term product with no change in timing or amount of coverage in force. Please seek clarification from your Case Manager for questions about eligibility, the process for a specific case, or any additional requirements that may be necessary.
If the prospective owner elects to transition to the new product, the request to exchange must be received by October 18, 2019, and will have the following requirements:
- A completed Section B Product Information Questionnaire for the new product
- A sales quote for the new product that conforms with the amended application (applies to ART and NY/PA Level Term)
- If payment was submitted with the original application, a Notification of Non-Acceptance of Policy (NTO) form will be required
- An amendment to the original application will be sent out once all other requirements are received and the new policy is in print. Note that for the original applications that were submitted with payment, this will be a critical amendment.
Once issued, the new policy will have a new register date based on standard new business dating rules.