The Equitable Life Assurance Society of the United States was established in 1859. AXA acquired Equitable Life Assurance Society in 1991. In 2004, the company was renamed AXA Equitable Life Insurance Company. Equitable was officially rebranded by AXA in 2020 after it diverged from AXA.
Equitable has been a pillar in the American life insurance industry for many decades. Equitable offers a range of insurance products to its customers, and it serves more than 2.8 million people nationwide. Continue reading to find out more about Equitable Life Insurance, its policies and customer ratings.
AXA Equitable life insurance
Equitable Insurance offers both term and permanent life insurance policies. Equitable Insurance has the policy to help you reach your goals, whether you want to protect your family, invest your money, or create tax-free income for retirement. Equitable offers several online resources to assist potential customers in deciding which policy is right for them.
There are many types of life insurance policies available
Equitable offers five life insurance policies, which are quite robust. It can be hard to find certain policies from other insurance companies, such as survivorship life insurance. One thing to keep in mind is that Equitable doesn’t offer whole life insurance products at the moment. This is something most life insurance companies typically offer. These are the Equitable life insurance policies:
Term life insurance
Young families and individuals in good health who want affordable coverage can consider term life insurance. Your survivors can use the death benefit to pay off your mortgage, cover end-of-life expenses, or pay college tuition. Although they have the lowest premiums, term policies only provide temporary coverage.
Equitable’s life insurance policies can be purchased in either a 1-, 10-, 15 or 20-year terms. Although term life insurance doesn’t build cash value, there are guaranteed death benefits and level premiums. Policyholders can convert their term policy to permanent coverage at any time.
Universal indexed life insurance
People who are looking to invest in their life insurance policies can choose indexed universal insurance. One portion of the monthly premium is used to pay the death benefit. The other portion goes into an S&P 500 index funds. Based on market performance, the portfolio creates a tax-deferred cash worth.
Equitable’s Indexed Universal Life Insurance Policies are quite standard. These policies include lifetime coverage, guaranteed death benefits and flexible premiums. Policyholders can choose to borrow or withdraw money from their policy to pay for income or large purchases.
Variable universal life insurance
Variable universal life insurance can be similar to indexed universal and is a great option for those who wish to invest alongside their life insurance. Variable universal life insurance is different because a portion of the premium goes into a mutual fund.
Equitable’s variable universal insurance policies offer tax-deferred cash values that can be used to supplement income in retirement. Flexible premiums and a guaranteed death benefit are included in all policies. For those who are looking for additional investment options, Equitable offers two unique universal variable policies, VUL Optimizer or VUL Legacy.
Survivorship life insurance
Equitable’s Survivorship Life Insurance covers two people, typically spouses, under the same policy. The death benefit is paid to the beneficiary if both of the insured have died. This policy can be used to plan for inheritance and estate planning. Equitable also offers a Survivorship policy that has a tax deferred cash value component, which can be used to generate income in retirement.
Long-term care insurance
Equitable provides long-term insurance that can be used for long-term costs such as nursing homes, hospice care, and home health aids. The policy will pay the beneficiaries the money as a death benefit if the policyholder does not use it.
AXA Equitable is a great choice
Equitable Insurance is an excellent choice for those looking for life insurance. Five policies are offered by the company that can be tailored to meet different needs. These include extra income for retirement, end-of life care, or inheritances to grandchildren.
Equitable does not offer whole-life insurance, which is a very popular policy. The company also does not offer many riders. A different insurance provider is recommended for those who want whole-life insurance or to tailor their coverage with certain riders.
AXA Equitable Insurance ratings, reviews and customer satisfaction are available.
| Organization | Equitable rating |
|---|---|
| J.D. J.D. | 733/1,000 |
| AM Best | A |
| Better Business Bureau (BBB) | A+ |
| NAIC Company Complaint Index | .06 (less than average complaints). |
Equitable receives mixed reviews across the board. J.D. rated Equitable 733 out 1,000 in overall customer satisfaction. Power’s 2020 U.S. Life Insurance Study is lower than the industry average of 763 out 1,000.
Equitable has an A+ rating from the BBB, but customer reviews say otherwise. Based on 24 reviews, Equitable has an average customer rating of 1.29 out 5 stars. Over the past year, Equitable has received 24 complaints. Many customers have expressed concerns about poor claims handling and customer service.
The National Association of Insurance Commissioners’ Company Complaint Index determined that Equitable had fewer complaints than the average, based upon a total of 28 complaints. Equitable is rated AM Best as having excellent financial strength.
Questions frequently asked
Which is the best life-insurance company?
The best life insurance company depends upon the type of policy that you want, how much coverage you need, and your age. Consider the most important factors for you and your family before choosing a life insurer.
What amount of life insurance do you need?
The purpose of the policy will determine how much life insurance you need. As a rule of thumb, you need enough life insurance to provide for your loved ones in the event that you die. Next, write down all your long-term financial obligations like college tuition payments or mortgage payments. Then subtract the value of your assets like your home. You can use the value left to determine how much coverage you need for your family.
What is the difference between whole-life and term insurance?
There are many key differences between whole life and term life insurance. First, whole life insurance provides lifetime coverage while term life insurance covers only for a limited time. Whole life insurance creates cash value while term life insurance doesn’t. Premiums for whole life insurance are generally more expensive because they offer more coverage than term insurance.