Protection for the lives you care about most
Pays a benefit to your loved ones to help replace income and cover costs if you should pass away
The right life insurance coverage can help protect your loved ones and help provide financial stability when they need it most. They can use the benefit to replace income, fund a child’s education, pay off a mortgage or pay for everyday expenses.
What it does
Provides certain financial protection for your loved ones during a specific period of time.
How it works
Pays a lump-sum benefit if you should pass away. The benefit will go to your beneficiaries, who are the ones you selected to receive payments from your insurance plan. This benefit does not accumulate any cash value.
What it doesn't do
Cover you for life. That's because term policies only provide protection for a specific number of years. Check with your benefits representative for your company's specific plan details.
70% OF US HOUSEHOLDS WITH CHILDREN UNDER 18
Would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today.1
1LIMRA Household Trends in U.S. Life Insurance Ownership, 2010 (this survey is conducted every 6 years).
Q & A
- Replace lost income
- Pay for final expenses, debts or estate taxes
- Cover day-to-day living expenses
Many employers offer term policies. They are often affordable and pay a lump-sum benefit if you pass away during a specific period, such as 10 or 20 years.
- You’ll pay group rates, which may be less than individual rates
- Through an employer, life insurance is typically guaranteed issue, which means that you can get a certain amount of coverage without having to answer a lot of health questions or take a medical exam
- Your premiums will be conveniently deducted from your paycheck
You’ll know that the plan was reviewed and selected by your employer, so you don’t have to do the research yourself.
Everyone is different, so you’ll want to consider your specific short- and long-term needs. For example, you may want to think about how much you’d need to cover burial and funeral expenses, how much your family would need to cover everyday living expenses if you should pass away, as well as future needs like college and retirement. Also, remember to factor in inflation – keeping in mind that everything will cost more in the future than it does today.
- Got married or divorced
- Had a child or have children or grandchildren about to enter college
- Bought a new home
- Started providing care or financial assistance for a parent
Yes, it does. If you pass away, the benefit payment your beneficiaries will receive is paid to them income tax-free. That means, they don’t have to pay taxes on the money they receive. We cannot provide any tax or legal advice. Please seek professional advice.
Most term life insurance policies are simple and straightforward, and will pay the benefit quickly if you pass away. Some plans have exclusions for circumstances such as a suicide. See your plan’s specific details and exclusions.
Whoever you designate as your beneficiary or beneficiaries will receive the benefit payment(s) if you should pass away.
Because that is the best way to make sure your life insurance benefit goes to the person you want it to go to.
- If you name a minor child, a custodian agreement or trust should be in place to ensure that all the proceeds can be paid promptly.
- A trust can be named beneficiary in order to protect minor children, but there may be tax consequences, so make sure you talk to your financial professional.
- If you name your estate, keep in mind that the life insurance proceeds cannot be released until the estate has gone through probate.
NEW MEXICO RESIDENTS: Please be advised that this Suite of Insurance Products section of our website is not currently directed to, applicable to, or intended for any person residing in the state of New Mexico.
The policy has limitations and exclusions. Optional riders and/or features may incur additional costs. Plan documents are the final arbiter of coverage. Policy Form/Contract ICC15 AXEBP15LI; ICC15 MOEBP15LI; MOEBP15LI; AXEBP15LI and State Variations.
AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. (AEFS). *"AXA" is the brand name of AEFS and its family of companies, including AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY), MONY Life Insurance Company of America (AZ stock company, admin. office: Jersey City, NJ) (MONY America), and AXA Distributors, LLC. All group insurance products are issued either by AXA Equitable or MONY America, which have sole responsibility for their insurance and claims-paying obligations. Some products are not available in all states.