AXA Equitable Life Insurance Company was founded back in 1859, but was originally called the Equitable Life Assurance Society of the United States until it changed its name in 2000. AXA Equitable Life Insurance Company, or AXA as it is often called today, provides retirement products, life insurance benefits and employee benefits. The company has assets in excess of $533 billion, and it describes its purpose as helping “provide financial security for our clients and their families.”
While AXA’s website boasts that it has been “providing stability and reliability to our clients since 1859,” AXA Equitable has faced legal challenges and accusations of wrongdoing during the course of its history.
As with most providers of life insurance products, AXA is not a perfect company and those who are considering purchasing products through AXA will need to research carefully and make informed choices. The Santa Clara County elder abuse lawyers at the Evans Law Firm can provide advice and assistance in situations where investors or insured policyholders believe they have been given bad advice or bad products by any insurance provider or financial advisor.
AXA Equitable Products
AXA offers term life insurance, whole life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, and survivorship life insurance. Variable annuities are also available, and AXA offers Individual Retirement Accounts as well.
Insurance products provided by AXA include Interest Sensitive Whole Life, which is a fixed premium permanent whole life policy with a guaranteed minimum cash value; as well as Survivorship Universal Life which offers flexible premiums. These are just a few of many different life insurance policies offered, so investors can choose products that provide the costs and features they are looking for.
To provide assistance in shopping for its products, AXA offers a free financial analysis to website visitors, and employs AXA advisors who are described as financial professionals who offer assistance with breaking down financial goals, understanding options, and making informed choices so action may be taken. Our California annuity fraud attorneys recommend speaking to an independent financial advisor before making a decision about purchasing a policy.
Class Actions and Claims Against AXA Equitable
Although AXA Equitable promises stability and reliability, consumers have not always been satisfied that the company has kept its promises. AXA Equitable was sued in a class action regarding excessive fees for mutual funds held within variable annuities, and although the court upheld the status quo in that particular case, it was just the first of more than 20 pending lawsuits raising similar allegations against a number of providers of variable annuity products.
High fees can be damaging to the investment strategy of annuity buyers who are expecting to make reasonable returns on their investments, and those who purchase variable annuities or any products from AXA Equitable need to be certain they have a full understanding of what the cost structure of the products will be.
If an insurance and investment company unlawfully raises fees or premiums, fails to provide promised benefits, or otherwise does not offer appropriate information to investors, those who suffer harm could potentially take action. The California annuity fraud attorneys at Evans Law Firm, Inc. can provide guidance and advice to those who have purchased products from AXA or similar companies and believe they were wronged by the insurance and annuity providers.