Alternatives and Volatility - AXA Alt 20 Portfolio · level funded case, volatility of the portfolio matters greatly. This is especially true in the first several years of the policy

For Broker Use Only

The problem:

- It can be difficult finding the right accumulation VUL for your client that is competitive for income and cash value in this market.

- It is hard to manage volatility and create a diversified portfolio for VUL that includes alternative asset classes.

The solution:

AXA’s Accumulation VUL or COIL product using the All Asset Allocation Portfolios

Accumulation VUL:

When solving for an accumulation VUL illustration, advisors and clients are often looking at two distinct categories: Highest income and max cash value at retirement. They are certainly not mutually exclusive, and both are important. AXA Equitable’s VUL sweet spot is their accumulation Incentive Life Optimizer II. Between the ages of 25 and 45, solving for both categories, AXA is either #1 or #2 in the market. At age 55 they remain competitive, ranging between #1 and #4. See the attached competitive heat map for their accumulation VUL. AXA has been the #2 carrier for VUL ending Q3 for two years running, according to the LIMRA reports. For the non-qualified executive benefit market, AXA’s Corporate Owned Incentive Life (COIL) is an extremely competitive accumulation based product, similar to their Incentive Life individual VUL. Several of our advisors have had strong success with this COIL product in the business market, and please review the attached COIL fact card.

The Portfolio:

Often times an advisor or client chooses one or two sub-account options for the underlying VUL investment. Using one fund or asset class, such as only investing in a large cap growth fund, can be substantially more volatile than investing across asset classes in a balanced or diversified portfolio. However, a potential problem with building a diversified portfolio is that it requires periodic rebalancing and sub-account review. Even though they should be, often times a VUL policy isn’t reviewed often enough to rebalance or adjust sub-accounts properly. Having a diversified portfolio that is monitored and rebalanced automatically is a valuable option in this instance.

Solution Focus

For Broker Use Only

The majority of automatically rebalanced VUL portfolios, such as asset allocation or target date models only utilize equities and fixed income in the classic 50/50, 60/40 or 70/30 allocation or some variation thereof. These classic allocations completely negate the opportunity for an alternative asset class in the portfolio, such as commodities or real estate which can add substantial diversification benefit as a non-traditional, non-correlating asset class. Allocating 15 to 20 percent of a portfolio to alternative asset classes has proven over time to reduce volatility and enhance returns, effectively shifting the efficient frontier up and to the left, boosting the average return of a portfolio for a given amount of risk.

AXA’s All Asset Allocation Portfolios offer asset allocation models that include alternative asset classes and are professionally managed. This type of portfolio, paired with an industry leading accumulation VUL from AXA, can make for a very strong story. Overfunding an accumulation VUL is certainly the preferred way to enhance the probability of policy success, however if it is a level funded case, volatility of the portfolio matters greatly. This is especially true in the first several years of the policy where cost of insurance (COI) withdrawals are the highest. Having a diversified portfolio such as this can help lessen that volatility and risk of lapse. Please review the following attachments related to this Solution Focus piece:

1) Incentive Life Optimizer II Competitive Heat Map 2) COIL Product Fact Sheet 3) All Asset Portfolios & MorningStar Fact Sheets 4) Incentive Life Optimizer II Fact Card

Variable Life Insurance: • Is Not a Deposit of Any Bank • Is Not FDIC Insured • Is Not Insured by Any Federal Government Agency • Is Not Guaranteed by Any Bank or Savings Association • May Go Down in Value

For Financial Professional Use Only. Not for Use with, or Distribution to, the General Public.

$1M Death Benefit, Level Annual Pay; 20-Years of Retirement Income from Age 66 to 85 (Age 71 to 90 for Issue Age 55)

Ranking/Issue Age25 35 45 55

Male Best Class 20-Year Monthly Income 2 2 1 1Male Preferred/2nd Best 20-Year Monthly Income 2 1 1 1 Male Standard Plus 20-Year Monthly Income 1 1 1 1 Male Standard/Last 20-Year Monthly Income 2 2 1 3

Female Best Class 20-Year Monthly Income 2 2 1 1 Female Preferred/2nd Best 20-Year Monthly Income 1 1 1 1 Female Standard Plus 20-Year Monthly Income 1 1 1 1 Female Standard/Last 20-Year Monthly Income 2 2 1 1

Male Best Class Cash Value at Retirement 2 2 1 2Male Preferred/2nd Best Cash Value at Retirement 2 1 1 2Male Standard Plus Cash Value at Retirement 1 1 1 2 Male Standard/Last Cash Value at Retirement 2 2 1 4

Female Best Class Cash Value at Retirement 1 2 2 3 Female Preferred/2nd Best Cash Value at Retirement 1 1 2 3Female Standard Plus Cash Value at Retirement 1 1 1 3Female Standard/Last Cash Value at Retirement 2 3 2 3

Key Rankings 1–4 5–8 8+

1 There are fees and charges associated with Incentive Life Optimizer® II, including mortality and expense risk charges, administrative fees; investment management fees, surrender charges and charges for optional riders. Additionally, Incentive Life Optimizer® II and its riders have restrictions and limitations.

Incentive Life Optimizer® II

competitive performance, strong targets

Incentive Life Optimizer® II is a variable universal life (VUL) contract with the primary purpose of providing a death benefit to your client’s beneficiaries.

It has the potential to build policy cash values, depending on individual investment objectives and elections through customized, professionally managed portfolios.1


2 This rider is available at an additional cost and has restrictions and limitation. Please read the prospectus for more details.

3 Charitable Legacy Rider® allows clients with a Face Amount of $1,000,000 or greater to leave an additional 1% of the death benefit to the charities of their choice, up to a maximum of $100,000.

Many competitors have more than one variable life product. The particular competitors’ variable product that is used should be the most competitive product available (e.g., 20-year monthly income from ages 65-85; Cash values at retirement), given the particular assumptions.

Incentive Life Optimizer® II is issued by AXA Equitable Life Insurance Company (AXA Equitable) and co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC, all located at 1290 Avenue of the Americas, New York, NY 10104.

Certain types of policies, features and benefits may not be available in all jurisdictions or may be different. This policy has limitations. All guarantees are based on the claims-paying ability of the respective issuing life insurance company.

Market Stabilizer Option® , Incentive Life®, Incentive Life Optimizer® II and Charitable Legacy Rider® are registered service marks of AXA Equitable Life Insurance Company. Long-Term Care ServicesSM is a service mark of AXA Equitable Life Insurance Company.

© 2012 AXA Equitable Life Insurance Company. All rights reserved.

1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234

G30197 IU-80624 (9/12) (Exp. 9/13) Cat. #145560 (9/12)

For More Information, Please Contact the Life Insurance Sales Desk or visit www.axa-equitable.com.

The percentage of insureds within certain underwriting classes and factors used in determining underwriting classes may vary among carriers surveyed. Different underwriting classes may be available with some of the products surveyed and could result in higher or lower Annual Retirement Income, which would result in different illustrated values.

Criteria used in Rankings against Peer Accumulation-Oriented VUL products: Minimum Non-MEC or Guideline Premium Test Face Amount, Guideline Premium Test where applicable for DOLI, 8% Gross Rate of Return using the Weighted Average of the Competitors’ Subaccounts. All affiliated charges reflect current cost structures. This includes: cost of insurance, sales, loading and administrative charges and loan charge and crediting rates.

If highest cost of insurance were used, the rankings might be different.

Source: The carriers’ proprietary software or intermediary sources such as WinflexWeb or Winflex Desktop Rankings are valid as of September 4, 2012 and are subject to changes after this date. Carriers/Products surveyed were: Hartford Life — Leaders Liberty VUL, ING Security Life — VUL CV, John Hancock — Accumulation VUL 09, Lincoln National — Asset Edge 2009, Nationwide YourLife VUL Accumulator, Pacific Life — Select Exec V, Protective Life — Premiere III and Principal Life — VUL Income II.

Actual performance will vary and may be more or less favorable than shown. To the best of our knowledge, this information is accurate; however, we cannot assure you that this is the most current information. In the event of a discrepancy, actual policy terms and current information provided directly by the issuing company at the time of sale will govern. Policy-to-policy comparisons should be conducted by the associate at the time of solicitation. Various aspects of the products compared, including, but not limited to, features, benefits, expenses, loads and charges, will vary from company to company and could impact the values shown. These features could impact long-term policy performance.

This data is provided to financial professionals for their informational purposes only. It cannot be used by financial professionals during the solicitation process. Not to be used with or shown to the public, nor to be used as advertising. Current or prospective clients should be provided with full current illustrations, approved materials and prospectuses for all policies being considered, and a description of the relevant features and benefits of those policies.

Take a closer look at Incentive Life Optimizer® II• In addition to the death benefit, the opportunity for cash accumulation that can help provide for future needs,

such as retirement income, educational expenses and other life events.

• Market Stabilizer Option® (MSO) investment option. – Allows policyholder to participate in the upside potential of equities (up to a cap) and limit potential losses

through downside protection of -25%.

• Long-Term Care ServicesSM Rider2 can be used for qualified long-term care needs.

• Charitable LegacySM Rider3 offers added death benefit to named charities at no additional cost.

Corporate Owned Incentive Life® (Corporate Owned IL) is a flexible premium variable universal life insurance policy designed for accumulation-oriented sales in the non-qualified executive benefit market.

Product Description

Corporate Owned Incentive Life® is designed for sales to

corporations and partnerships where the firm is generally

the owner and beneficiary of the policy. In addition to

providing life insurance protection, Corporate Owned IL can

be used to informally fund non-qualified deferral plans such

as Supplemental Executive Retirement Plans (SERPs) or

business-sponsored benefit plans such as Executive Bonus

plans (where the executive is the owner of the policy).

Corporate Owned IL can help these entities attract, reward,

and retain key employees by providing an institutional

product strategy that can help minimize the impact to an

employer’s balance sheet at purchase.

Corporate Owned IL offers competitive underwriting, a

dedicated service unit, and a broad range of investment

options to serve your unique needs.

about variable universal life insurance

• A variable universal life insurance policy is a

contractual agreement in which premiums are

paid to an insurance company. In return for those

premiums, the insurance company will provide a

benefit to a beneficiary if the policy is in force at the

time of the Insured’s death.

• Amounts in the policy’s account value are invested

in a variety of investment portfolios and these

amounts are subject to fluctuation in value

and market risk, including loss of principal. Life

insurance policies have exclusions, limitations, and

terms for keeping them in force. Fees and charges

associated with life insurance include mortality

and expense risk charges, cost of insurance,

surrender charges, administrative fees, investment

management fees, and charges for optional

benefits. Please see the prospectus

for more information.

AXA Equitable Life Insurance Company (NY, NY)


Corporate Owned Incentive Life®product fact card

Eligibility Requirements Corporate Owned IL may be offered to corporations and other business entities that satisfy the requirements listed below at issue.

• The policies must be: •Partofacorporate-orbusiness-sponsoredplan;

•Individuallyownedbyanemployeeinanon-qualifiedbenefitplan;or

•“Split-dollar”casesthatarecollaterallyassignedtothecorporation or business entity.

• Allinsuredpersonsmustbedeemed“highlycompensated”byAXAEquitable.

• The policies must be issued as part of a case. A minimum of two lives must be insured.

• The initial premium must be remitted by the business entity.

• The aggregate annualized first-year planned periodic premium for the policy must be at least $100,000 or the initial premium must be at least $300,000.

Additionally, Corporate Owned IL may be offered to members of a recognized professional association with at least 500 members formed for a bona fide purpose other than the purchase of life insurance.

• The professional association must consist primarily of highly compensated individuals (earning a salary of at least $100,000 per year) in a professional white-collar occupation.

• The Proposed Insured must perform executive-level managerial and/or administrative duties requiring highly technical skills involving advanced degrees (e.g., Physicians, Dentists, Attorneys, Scientists, Accountants, etc.).

• The reason for the purchase must be business- or benefit-planning-related (e.g., key person, buy-sell, executive bonus).

• The annualized first-year planned periodic premium for the policy must be at least $50,000 or the initial premium must be at least $150,000.

Product DetailsKey Features• Choice of Definition of Life Insurance Test: •CashValueAccumulationTest(CVAT)

•GuidelinePremiumTest(GPT)

• Enhanced Amount: This benefit provides additional surrender value through policy year 14 upon full surrender of the policy for its net cash surrender value when paid directly to the original policyowner. See the prospectus for more complete information.

• Policy Continuation Rider: Automatic rider that, if exercised, protects the policy from a lapse resulting from a loan balance that exceeds the current Face Amount.

This provision may be exercised if the policy has been in force for at least 15 years and is not currently in a grace period, the insured person’s attained age is at least 75, the Death Benefit in effect is Option A, and the following additional conditions are met:

•TheamountofanyoutstandingpolicyloanandaccruedloaninterestequalsorexceedstheMarketValueAdjustedPolicyAccount(MVAF)multipliedbytheapplicablepercentage(95%forGPT,80%forCVAT);

•Theoutstandingloanandaccruedloaninterestexceeds the current Face Amount (base policy plus IntegratedTermRider);

•Nocurrentorfuturedistributionfromthepolicywillberequired to maintain its qualification as life insurance undertheInternalRevenueCode;

•ThepolicyisnotaMECandwillnotbecomeaMECiftheriderisexercised;

•ThereissufficientNetMarketValueAdjustedPolicyAccount to cover the Policy Continuation Charge.

There is a one-time charge that is made only if the rider is exercised.ThischargeisequaltotheMarketValueAdjustedPolicyAccount(MVAF)onthedatetheriderisexercised,multiplied by the Policy Continuation Charge Rate. The rate is 3.5% on a current basis and 5% on a guaranteed basis forGPTpoliciesandtheratevariesbyattainedageforCVATpolicies. There is no charge if the rider is never activated.

When the Policy Continuation Rider takes effect, all additional benefit riders (except any Integrated Term Rider) and other endorsements will terminate. Thereafter:

•The policy will not lapse, with no further premiums required.

•Loaninterestwillcontinuetobedueoneachpolicyanniversary. If the interest is not paid when due, it will be added to the outstanding loan.

•AnypaymentsreceivedwhilethepolicyisonPolicyContinuation will be applied as loan repayments and will beallocatedtotheunloanedportionoftheGIAtotheextent of any outstanding loan and accrued loan interest. Any excess will be refunded to the policy holder.

•Oneachpolicyanniversaryandanytimeapolicyloanisfully repaid, interest credited to the loaned portion of the GIAwillbeallocatedtotheunloanedportionoftheGIA.

•SincetheNetMarketValueAdjustedPolicyAccountiszero at the time the Policy Continuation Rider takes effect, monthly deductions will be zero. However, if the unloaned portionoftheGIAbecomesgreaterthanzeroduetoloanrepayments, monthly deductions will be taken out.

The following transactions will not be permitted when the Policy Continuation Rider is in effect:

•Partialwithdrawals

•Premiumpayments

Policy Year Current Charge Guaranteed Charge

1–10 0.35% 0.50%

11+ 0.10% 0.35%

• Cost of Insurance (COI): Variesbyissueage,gender,tobacco-user status and underwriting class, and the policy duration.

• Monthly Administrative Charges: • Per Policy Charge: $10 per month on a non-guaranteed

basis. $15 per month on a guaranteed basis.

• Per $1,000 Charge: Applicable during the first 20 policy years or 20 years following a face increase.

• Customer Loyalty Credit (CLC): AXAEquitableprovidesamonthlycreditatanannualrateof 0.20% on a non-guaranteed basis.

•Inthefirsttenpolicyyears,theCLCreducesthemonthly M&E Charge from 0.35% (annual rate) to 0.15% (annual rate).

•Inpolicyyears11andlater,thecreditisaddedtothepolicy account value each month.

•Thecreditwillbecalculatedatthebeginningofeachpolicy month as a percentage of the amount of the policy account that is then allocated to the variable investment options

• Coverage After Attained Age 100: •Thereisnomaturityprovision.

After attained age 100, the COI rates and the Monthly Administrative Charges will be reduced to zero, and any coverage under the ITR will terminate.

• Policy Loans: See the chart below. In all years, the guaranteed maximum spread is 1.00%.5

• Flexible Premiums: •Modes: Annual, Semi-annual, Quarterly or Monthly.

•Listbilling(statementaccounting)andDirectbillingare available.

Charges and Credits

• Premium Loads: There is a Premium Charge, a Charge for StateandLocalTaxExpenses,andaChargeforVariousFederal Income Taxes (DAC Tax). See the prospectus for more complete information regarding these charges.

• Surrender Charges:None.

• Mortality and Expense Risk Charge: Deducted monthly from the Policy Account based on the assets allocated to the variable investment options.

•ChangesinFaceAmountordeathbenefitoption

•TransfersorallocationsoutofyourunloanedGIAevenif the loan is fully repaid

•Anyotherrequestedpolicychanges

The Death Benefit under the Policy Continuation Rider is the greater of (a), (b), or (c), where:

(a)IsthegreaterofthePolicyAccountValueortheoutstanding loan and accrued loan interest on the Insured’s date of death, multiplied by the corridor factor.

(b) Is the outstanding loan and accrued loan interest on the Insured’s date of death plus $10,000.

(c) Is the current base policy + Integrated Term Rider Face Amount.

• Integrated Term Rider (ITR): Optional rider providing a term insurance benefit that is integrated with the base policy death benefit. Consult the prospectus for the rider eligibility and amount requirements.

• Investment Options1 and Services: A broad selection of proprietary and non-proprietary investment options providing access to all major asset categories, and a guaranteed interest option (2% minimum annual rate). In addition we offer the following investment services:

•AutomaticTransferService(dollarcostaveraging)2

•AssetRebalancingService2

• Market Stabilizer Option®: The Market Stabilizer Option® is an investment option that offers a rate of return tied to the performance of the S&P 500 Price Return Index (which does not include dividends). The Market Stabilizer Option® allows you to participate in the limited upside performance potential of the S&P 500 Price Return Index up to a GrowthCapRatethatisseteachmonthbyAXAEquitable.

It also provides limited downside protection against declines of up to -25% in the performance of the S&P 500 Price Return Index. There is a risk of substantial loss of principal because you agree to absorb all the losses from the portion of any negative index performance that exceeds -25%.

The Market Stabilizer Option® features are further detailed in the Market Stabilizer Option® Client Brochure.

There are charges associated with the Market Stabilizer Option®. Please see the prospectus, which is included in

this kit, for more information.

• Issue Ages and Underwriting Classes: •PreferredPlus(Non-Tobacco):Ages20–70

•Preferred(Non-Tobacco/Tobacco):20–80

•Standard(Non-Tobacco/Tobacco):20–80

•SubstandardTables1–16(Non-Tobacco/Tobacco):20–794

•GuaranteedIssue(Non-Tobacco/Tobacco):20–70with prior approval from the Operations Center

• Partial Withdrawals: Available at no charge after the first policy year and prior to attained age 100.5

Policy Year Interest Charged Interest Credited Current Spread

1–15 3.00% 2.25% 0.75%

16+ 3.00% 2.95% 0.05%

1 The investment options available with Corporate Owned IL are subject to investment management and 12b-1fees.2 The Automatic Transfer Service (dollar cost averaging) and Asset Rebalancing Service do not ensure a profit or a loss in a declining market. Dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue purchases through periods of low price levels. 3 S&P®, Standard & Poor’s®, S&P 500® and Standard & Poor’s 500™ are trademarks of Standard & Poor’s Financial Services, LLC (“Standard & Poor’s”) and have been licensed for use by AXA Equitable. The Market Stabilizer Option® is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s does not make any representation regarding the advisability of investing in the Market Stabilizer Option®.4 Corporate Owned IL’s substandard table ratings differ from AXA Equitable’s substandard letter ratings.5 Loans and withdrawals reduce the cash value and death benefit, and increase the chance that the policy will lapse.

All contractual guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company. The guarantees do not apply to the variable investment portfolios.

This fact card is a summary of some of the features of Corporate Owned Incentive Life® and must be preceded or accompanied by a current Corporate Owned Incentive Life® prospectus and any applicable prospectus supplements. The prospectus contains detailed information about Corporate Owned Incentive Life®. Please consider the charges, risks, expenses and investment objectives that are indicated in the prospectus. Read it carefully before you invest or send money.

All employer- or business-owned policies need to satisfy federal tax notice and consent requirements before issuance for certain federal tax benefits. See the tax section of the prospectus for additional information, including special rules that may apply to corporate- or employer-owned policies.

Please be advised that this fact card is not intended as legal or tax advice. Accordingly, any tax information provided in this fact card is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and you should seek advice based on your particular circumstances from an independent tax advisor.

Corporate Owned Incentive Life®, a flexible premium variable universal life insurance policy, is issued by AXA Equitable Life Insurance Company (AXA Equitable), and co-distributed by AXA Advisors, LLC and AXA Distributors, LLC, all located at 1290 Avenue of the Americas, New York, NY 10104. AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies and do not provide tax or legal advice.

Certain types of policies, features and benefits may not be available in all jurisdictions or may be different. This policy has limitations. All guarantees are based on the claims-paying ability of AXA Equitable. For costs and more complete details of coverage, call your financial professional.

Market Stabilizer Option® and Corporate Owned Incentive Life® are registered service marks of AXA Equitable Life Insurance Company.

Policy form #08-300 or state variation


1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234G30164

GE-80469 (10/12) (Exp. 10/14) Cat. 141871 (10/12)

For Additional Support Contact the Life Insurance Sales Desk or Visit www.axa-equitable.com.

Not all money managers may be listed. (List accurate as of June 1, 2012.)




Variable Annuities and Variable Life Insurance: • Are Not a Deposit of Any Bank • Are Not FDIC Insured • Are Not Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value

Snapshot as of 9/30/20131

All Asset Moderate Growth – Alt 15

All Asset Growth – Alt 20

All Asset Aggressive – Alt 25

Number of Underlying Portfolios 30 30 29

Securities3 8,824 8,823 7,358

Countries3 50 50 49

Industries3 81 81 81

Portfolio Expense4 – Class B Shares 1.01% 1.00% 1.04%

1 The current allocations shown above are subject to change at any time.

2 Alternatives may include investments such as real estate, natural resources, mergers & acquisitions and commodities (exchange-traded funds investing in gold, oil, silver, energy, etc). For the purposes of this piece, the above-referenced current allocations split each portfolio’s total alternative allocation between “Real Estate” and “Other Alternatives.” Allocations included as part of “Other Alternatives” encompass investments in natural resources, mergers & acquisitions and commodities as referenced in the alternatives definition.

3 Data as of 6/30/13, latest data available for print.

4 Expense ratios referenced represent total annual operating expenses for each portfolio’s class B shares. Please see the portfolio’s prospectus for a breakdown of total expenses. Prospectuses available on www.axa-equitablefunds.com.

Please see reverse side for additional important information.

diversification made easy9/30/13

LC = Large Cap; MC = Mid Cap; SC = Small Cap; IS = International Stocks; IB = International Bonds; OA = Other Alternatives; IGB = Investment Grade Bonds, RE = Real Estate; HY = High Yield

All Asset Allocation Portfolios Snapshot as of 9/30/20131

All Asset Moderate Growth – Alt 15: Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

All Asset Growth – Alt 20: Seeks long-term capital appreciation and current income.

All Asset Aggressive – Alt 25: Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

13.5% LC14.6% IS

6.8% IB

10.8% OA27.9% IGB

Equities: 45% Bonds: 40% Alternatives2: 15%



The All Asset Allocation Portfolios are available as investment options within some AXA Equitable variable annuity and variable life insurance products.

Investment Goal

Current Allocations1

Target Allocations

6.7% SC

10.8% MC 4.8% HY

4.0% RE3.1% HY

18.9% IS

3.5% IB

14.7% OA17.3% IGB

7.9% SC

12.8% MC 16.1% LC

5.7% RE

18.9% LC

22.7% IS

1.4% IB

16.8% OA6.9% IGB

9.5% SC

16.0% MC

1.2% HY

6.7% RE

Holdings as of 9/30/2013

Underlying PortfolioAll Asset

Moderate Growth – Alt 15

All Asset Growth – Alt 20

All Asset Aggressive – Alt 25

EQ/AllianceBernstein Small Cap Growth 6.1% 6.4% 9.8%EQ/BlackRock Basic Value Equity 6.2% 8.3% 7.7%EQ/Boston Advisors Equity Income 5.4% 6.4% 7.0%EQ/Core Bond Index 0.3% 0.3% --EQ/Davis New York Venture 1.8% 2.9% 2.8%EQ/Emerging Markets Equity PLUS 1.6% 2.4% 2.8%EQ/Equity 500 Index 0.0% 0.0% 0.0%EQ/GAMCO Mergers and Acquisitions 3.6% 5.5% 6.0%EQ/GAMCO Small Company Value 5.0% 6.5% 6.0%EQ/Global Bond PLUS 12.7% 5.6% 1.3%EQ/High Yield Bond 4.8% 3.1% 1.2%EQ/Intermediate Government Bond 3.3% 2.0% 0.6%EQ/International Core PLUS 3.2% 4.1% 5.0%EQ/International Equity Index 0.0% 0.0% 0.0%EQ/MFS International Growth 6.2% 8.0% 8.7%EQ/Mid Cap Index -- -- --EQ/Morgan Stanley Mid Cap Growth 0.3% 0.6% 1.1%EQ/Natural Resources PLUS 3.0% 3.8% 5.2%EQ/PIMCO Global Real Return 6.2% 3.9% 1.7%EQ/PIMCO Ultra Short Bond 3.3% 2.0% 0.6%EQ/Real Estate PLUS 3.2% 4.6% 5.1%EQ/Small Company Index -- -- --EQ/T.Rowe Price Growth Stock 8.3% 8.1% 12.6%iShares Dow Jones US Oil & Gas Exploration & Production Index Fund 1.0% 1.4% 1.4%iShares FTSE/Xinhua China 25 Index Fund 0.2% 0.2% 0.6%iShares Gold Trust 2.8% 4.8% 3.5%iShares JPMorgan USD Emerging Markets Bond Fund 3.0% 1.8% 1.0%iShares MSCI EAFE Small Cap Index Fund 1.5% 2.1% 2.5%iShares MSCI Global Gold Miners Fund 0.8% 0.1% 1.8%iShares Silver Trust 0.6% 0.7% 0.6%iShares Trust S&P World Ex-US Property Index Fund 0.8% 1.1% 1.6%Multimanager Core Bond 4.2% 2.7% 0.4%SPDR S&P Emerging Asia Pacific ETF 0.2% 0.1% 0.6%SPDR S&P Emerging Markets SmallCap ETF 0.4% 0.5% 0.8%Allocation Fund Totals 100% 100% 100%

You will incurr higher costs with the All Asset Allocation Portfolio than if you were to invest directly in the underlying variable investment portfolio.

The underlying portfolios shown above are subject to change at any time. Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. High yield bonds are subject to a higher degree of credit and market risk. Stocks of small- and mid-size companies have less liquidity than those of larger companies and are subject to greater price volatility than the overall stock market. Smaller company stocks involve greater risk than is customarily associated with more established companies. International securities carry additional risks, including currency exchange fluctuation and different government regulations, economic conditions and accounting standards. Investing in alternative investments is risky and not suitable for all clients.

Risks with alternative investments include: Commodity Price Volatility Risk, Concentration Risk, Energy Sector Risk, Increases in Hedging Activity Risk, Natural Resources Sector Risk, Oil and Gas Sector Risk, Sales by the Official Sector Risk, and Utilities Sector Risk. See the prospectus for a description of these risks. Please note that alternative investments are not suitable for all investors.

Diversification does not eliminate the risk of loss. This flyer was prepared to support the promotion and marketing of AXA Equitable variable annuities and variable life insurance products. AXA Equitable, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent advisor as to any tax, accounting or legal statements made herein.

These portfolios are investment options for certain variable annuity and variable life insurance products that are issued by AXA Equitable Life Insurance Company (New York, NY) and co-distributed by AXA Advisors, LLC and AXA Distributors, LLC, New York, NY. AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies. This document must be preceded or

accompanied by a prospectus for an AXA Equitable variable annuity or variable life insurance product.

Amounts in the variable investment options are subject to fluctuation in value and market risk, including the loss of principal.

A variable deferred annuity is a long-term financial product designed for retirement purposes. In essence, an annuity is a contractual agreement in which payment(s) are made to an insurance company, which agrees to pay out an income or a lump sum amount at a later date. This is called annuitization. Annuities contain a death benefit that is generally equal to contributions made by the annuity owner minus any withdrawals. The death benefit is made available to the beneficiary if the annuity owner’s death occurs before annuitization. There are contract limitations and fees and charges associated with variable annuities, which include, but are not limited to, mortality and expense risk charges, sales and withdrawal charges, administrative fees, and charges for optional benefits.

A variable life insurance policy is a contractual agreement in which premiums are paid to an insurance company. In return for these premium payments, the insurance company will provide a benefit to a beneficiary upon the insured’s death and also the opportunity to contribute to a policy’s cash value. Amounts in the policy’s cash value are invested in a variety of variable investment portfolios. Life insurance policies have exclusions, limitations, and terms for keeping them in force. Fees and charges associated with variable life insurance include mortality and expense risk charges, cost of insurance, surrender charges, administrative fees, investment management fees and charges for optional benefits. Contact a financial professional for costs and complete details.


1290 Avenue of the Americas, New York, NY 10104

Portfolio ManagementPlease note, holdings marked with a “—” indicate that there is no investment holding. Holdings marked with a “0.0%” indicate that there is a holding of less than 0.1 percent.

GE-87903 (9/13) (Exp. 9/15) G32328

All Asset Moderate Growth - Alt 15 Portfolio Release Date09-30-2013

....................................................................................................................................................................................................................................................................................................................................................Portfolio Benchmark

S&P 500 TRMorningstar CategoryBenchmark

Morningstar Moderately Aggr TargetRisk

AXA FMG Category**

Asset AllocationOverall Morningstar Rating™ Morningstar Return Morningstar Risk

. . .

Investment Objective & Strategyfrom investment's prospectus

The investment seeks long-term capital appreciation andcurrent income, with a greater emphasis on current income.

The fund invests in other mutual funds managed by theManager and exchange traded securities of other investmentcompanies or investment vehicles. The current assetallocation target is to invest approximately 45% of its assetsin equity investments, 40% of its assets in fixed incomeinvestments and 15% of its assets in alternative investmentsthrough investments in Underlying Portfolios and UnderlyingETFs.

Morningstar Proprietary Statistics as of 09-30-13Fund Rank Morningstar out of # of

Percentile Rating Investments

YTD 87 . 9481 Year 89 . 9123 Year . . .

5 Year . . .

10 Year . . .

OperationsInitial Share ClassInception Date

08-29-12

Fund Inception Date 08-29-12Advisor AXA Equitable FMG, LLCSubadvisor .

Issuer AXA Equitable

Portfolio Manager(s)

Kenneth T. Kozlowski. Since 2012.Alwi Chan. Since 2012.Xavier Poutas. Since 2012.

Principal Risks* as of 08-31-13

Credit and Counterparty, Foreign Securities, Loss of Money,Not FDIC Insured, Interest Rate, Commodity, EquitySecurities, ETF, High-Yield Securities, Underlying Fund/Fundof Funds, Conflict of Interest, Investment-Grade Securities,Small Cap, Mid-Cap, Large Cap, Real Estate/REIT Sector

Portfolio Analysis

Composition as of 08-31-13 % Assets

U.S. Stocks 32.7Non-U.S. Stocks 15.1Bonds 25.0Cash 4.6Other 22.7

Top 10 Holdings as of 08-31-13 % Assets

EQ/Global Bond PLUS K 12.70EQ/T. Rowe Price Growth Stock K 7.92EQ/PIMCO Real Return Portfolio K 6.25EQ/AllianceBernstein Sm Cp Growth K 6.15EQ/MFS International Growth K 5.94...........................................................................................................EQ/BlackRock Basic Value Equity K 5.26EQ/GAMCO Small Company Value K 4.80EQ/High Yield Bond Portfolio K 4.79AXA Multimanager Core Bond K 4.21EQ/Boston Advisors Equity Income K 3.94

...........................................................................................................Total Number of Holdings 33Annual Turnover Ratio % 4.00Total Fund Assets ($mil) 3.56

Risk Measures as of 09-30-13 Port Avg Rel S&P 500 TRUSD

Rel Cat

3 Yr Std Dev . . .

3 Yr Beta . . .

3 Yr Sharpe Ratio . . .

3 Yr Alpha . . .

3 Yr R-squared . . ............................................................................................................Income Ratio 0.07 . .

3-Yr Information Ratio . . .

Statistics as of 08-31-13 Port Avg Rel S&P 500 TRUSD

Rel Cat

P/E Ratio 16.58 1.09 1.10P/B Ratio 1.98 0.90 1.01P/C Ratio 7.00 0.93 0.98GeoAvgCap ($mil) 13,675.19 0.23 0.41

Equity as of 08-31-13 % Mkt Cap

Giant 28.97..................................................Large 26.25Medium 26.00Small 13.43..................................................Micro 5.36

Fixed Income as of 08-31-13

Avg Eff Duration 4.22Avg Eff Maturity 4.50Avg Wtd Price 99.89

Morningstar Equity Sectors as of 08-31-13 % Fund

� Cyclical 40.99...........................................................................................................� Basic Materials 6.21� Consumer Cyclical 16.19� Financial Services 14.97� Real Estate 3.62

� Sensitive 36.91...........................................................................................................� Communication Services 3.04 Energy 8.85 Industrials 12.54� Technology 12.48

� Defensive 22.09........................................................................................................... Consumer Defensive 9.49� Healthcare 10.46� Utilities 2.14

Volatility Analysis

Low Moderate High

Category

The volatility measure is not displayed for investments withfewer than three years of history. The category average,however, is shown above.

Notes*Principal risks have been determined by Morningstar based on a review of the portfolio's prospectus and the prospectuses ofother portfolios that Morningstar had identified as being similar. Please refer to the portfolio's prospectus, which may be foundat www.axa-equitablefunds.com**Classification reflects the portfolio's current investment strategy and the benchmark against which its performance is

measured. The portfolio is actively managed, and current holdings and percentages may be different.S&P 500 TR The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's choosesmember companies for the index based on market size, liquidity and industry group representation. Included are the stocks ofindustrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and thenumber of issues in each sector has varied. The index is market capitalization-weighted.Morningstar Moderately Aggr Target Risk The index measures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for USinvestors who seek a slightly above-average exposure to equity market risk and returns.

See the Disclosure pages in the back of this document for important information on the Morningstar Rating and specific investment risks.

©2013 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

GE69105(6/12)(exp. 6/14)

All Asset Growth - Alt 20 Portfolio Release Date09-30-2013



Morningstar Moderately Aggr TargetRisk

AXA FMG Category**


QQ Average Above AverageOut of 773 Moderate Allocation funds. An investment's overall Morningstar Rating, based on itsrisk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year

Ratings. See disclosure for details.


The investment seeks long-term capital appreciation andcurrent income.




YTD 69 . 9481 Year 66 . 9123 Year 74 QQ 7735 Year 67 QQ 69910 Year 83 QQ 426


08-01-88







Portfolio Analysis




EQ/T. Rowe Price Growth Stock K 7.84EQ/MFS International Growth K 7.80EQ/BlackRock Basic Value Equity K 7.17EQ/GAMCO Small Company Value K 6.51EQ/AllianceBernstein Sm Cp Growth K 6.39...........................................................................................................EQ/GAMCO Mergers & Acquisitions K 5.60EQ/Global Bond PLUS K 5.37iShares Gold Trust 5.16EQ/Boston Advisors Equity Income K 4.78EQ/Real Estate Plus Portfolio K 4.47



Rel Cat

3 Yr Std Dev 11.22 0.90 1.243 Yr Beta 1.31 . 1.263 Yr Sharpe Ratio 0.78 0.61 0.743 Yr Alpha -3.36 . 56.003 Yr R-squared 96.75 . 1.04...........................................................................................................Income Ratio -0.07 . .

3-Yr Information Ratio -0.26 . -4.33


Rel Cat










Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declinesor price increases depending on market conditions. Some ofthis risk may be offset by owning other investments withdifferent portfolio makeups or investment strategies.


measured. The portfolio is actively managed, and current holdings and percentages may be different.S&P 500 TR The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's choosesmember companies for the index based on market size, liquidity and industry group representation. Included are the stocks ofindustrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and thenumber of issues in each sector has varied. The index is market capitalization-weighted.Morningstar Moderately Aggr Target Risk The index measures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for USinvestors who seek a slightly above-average exposure to equity market risk and returns.



GE69105(6/12)(exp. 6/14)

All Asset Aggressive - Alt 25 Portfolio Release Date09-30-2013



Morningstar Aggressive Target Risk

AXA FMG Category**


. . .


The investment seeks long-term capital appreciation andcurrent income, with a greater emphasis on capitalappreciation.




YTD 69 . 4241 Year 71 . 4203 Year . . .

5 Year . . .

10 Year . . .


08-29-12







Portfolio Analysis




EQ/T. Rowe Price Growth Stock K 12.29EQ/AllianceBernstein Sm Cp Growth K 9.60EQ/MFS International Growth K 8.44EQ/BlackRock Basic Value Equity K 6.93EQ/GAMCO Mergers & Acquisitions K 6.10...........................................................................................................EQ/GAMCO Small Company Value K 5.87EQ/Boston Advisors Equity Income K 5.76EQ/Natural Resources Plus Portfolio K 5.22EQ/Real Estate Plus Portfolio K 4.96EQ/International Core PLUS K 4.78



Rel Cat

3 Yr Std Dev . . .

3 Yr Beta . . .

3 Yr Sharpe Ratio . . .

3 Yr Alpha . . .

3 Yr R-squared . . ............................................................................................................Income Ratio 0.33 . .

3-Yr Information Ratio . . .


Rel Cat










Volatility Analysis

Low Moderate High

Category

The volatility measure is not displayed for investments withfewer than three years of history. The category average,however, is shown above.


measured. The portfolio is actively managed, and current holdings and percentages may be different.S&P 500 TR The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's choosesmember companies for the index based on market size, liquidity and industry group representation. Included are the stocks ofindustrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and thenumber of issues in each sector has varied. The index is market capitalization-weighted.Morningstar Aggressive Target Risk The index measures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for USinvestors who seek above-average exposure to equity market risk and returns.



GE69105(6/12)(exp. 6/14)

When used as supplemental sales literature, the InvestmentProfile for this portfolio must be preceded or accompanied bythe appropriate AXA Equitable or MONY variable annuity orvariable life current prospectus, as well as these disclosurepages. Portfolio statistics and rankings are subject to changeand have not been adjusted for insurance-related chargesand expenses associated with the life insurance policies orvariable annuity contracts. Certain AXA Equitable and MONYproducts may offer portfolio share classes that are differentthan those reported in this Investment Profile and could haverankings that are higher or lower than those shown.

AXA Equitable contracts Morningstar Inc., for a fee, as athird-party advisor to produce this Investment Profile. In thiscapacity, Morningstar independently provides analysis on theunderlying investment options for AXA Equitable. AXAEquitable and its affiliates have not independently verifiedthis information.

"Volatility Managed" indicates the portfolio employs specificstrategies that aim to deliver better risk-adjusted returns.

Morningstar Rating™

Often simply called the Star Rating, the Morningstar Ratingbrings performance (returns) and risk together into oneevaluation. To determine a portfolio's star rating for a giventime period (three, five, or 10 years), the portfolio'srisk-adjusted return is plotted on a bell curve: If the portfolioscores in the top 10% of its category, it receives 5 stars(Highest); if it falls in the next 22.5% it receives 4 stars(Above Average); a place in the middle 35% earns 3 stars(Average); those lower still, in the next 22.5%, receive 2stars (Below Average); and the bottom 10% get only 1 star(Lowest). The Overall Morningstar Rating is a weightedaverage of the available three-, five-, and 10-year ratings.

Morningstar provides adjusted historical returns and anExtended Performance Rating for some underlying portfoliosin its universe. This means that any share class that doesn'thave a 1, 3-, 5-, or 10-year performance history may receive ahypothetical Morningstar Rating based on the oldestsurviving share class of the portfolio. First, Morningstarcomputes the portfolios' new return stream by appending anadjusted return history of the oldest share class. Next, theExtended Performance Rating is determined by comparingthe adjusted-historical returns to the current underlyingportfolio universe to identify placement in the bell curve usedto assign the Morningstar Rating. Past performance is noguarantee of future results.

Morningstar Return

This statistic is a measurement of a portfolio's excess returnover a risk-free rate (the return of the 90-day Treasury bill),after adjusting for all applicable loads and sales charges. Ineach Morningstar Category, the top 10% of portfolios earn aHigh Morningstar Return, the next 22.5% Above Average,the middle 35% Average, the next 22.5% Below Average,and the bottom 10% Low. Morningstar Return is measuredfor up to three time periods (three-, five-, and 10-years).These separate measures are then weighted and averaged toproduce an overall measure for the portfolio. Portfolios withless than three years of performance history are not rated.

Morningstar Risk

This statistic evaluates the variations in a portfolio's monthlyreturns, with an emphasis on downside variations. In eachMorningstar Category, the 10% of portfolios with the lowestmeasured risk are described as Low Risk, the next 22.5%Below Average, the middle 35% Average, the next 22.5%Above Average, and the top 10% High. Morningstar Risk ismeasured for up to three time periods (three-, five-, and10-years). These separate measures are then weighted andaveraged to produce an overall measure for the portfolio.Portfolios with less than three years of performance historyare not rated.

Risk Measures and Statistics

Morningstar chooses the applicable benchmark forcomputing the risk measures and statistics. This index maydiffer from the benchmark index or the indices in theunderlying prospectus. The index is an unmanaged portfolioof specified securities and does not reflect any expenses. Itis not possible to invest directly in an index.

Standard Deviation: Standard deviation is a statisticalmeasure of the volatility of the portfolio's returns.

Beta: Beta is a measure of a portfolio's sensitivity to marketmovements. A portfolio with a beta greater than 1 is morevolatile than the market, and a portfolio with a beta less than1 is less volatile than the market.

Sharpe Ratio: Sharpe ratio uses standard deviation andexcess return to determine reward per unit of risk.

Alpha: Alpha measures the difference between a portfolio'sactual returns and its expected performance, given its levelof risk (as measured by beta).

R-squared: R-squared reflects the percentage of a portfolio'smovements that are explained by movements in itsbenchmark index, showing the degree of correlation betweenthe portfolio and the benchmark.

Income Ratio: Income ratio reveals the percentage of currentincome earned per share. The income ratio can be used as agauge of how much of the total return comes from income.

Information Ratio: Information Ratio is a risk-adjustedperformance measure. The information ratio is a specialversion of the Sharpe Ratio in that the benchmark doesn'thave to be the risk-free rate.

Price/Earnings (P/E) Ratio: Price/Earnings Ratio is a stock'scurrent price divided by the company's trailing 12-monthearnings per share.

Price/Book (P/B) Ratio: Price/Book Ratio is the weightedaverage of the price/book ratios of all the stocks in aportfolio.

Price/Cash (P/C) Ratio: Price/Cash Ratio represents theweighted average of the price/cash flow ratios of the stocksin a portfolio.

Geometric Average Cap (GeoAvgCap): Geometric AverageCap is the geometric mean of the market capitalization for allof the stocks the portfolio owned.

Volatility Analysis

Morningstar Volatility Rank is an investment's 3-yearstandard deviation overall percentile rank within its USopen-end, variable annuity/variable life fund, or variableannuity/variable life subaccount universe. The investmentwith the lowest standard deviation receives a rank of 1. Wethen classify investment portfolios as having one of threevolatility levels relative to all types of mutual funds: Low,Moderate, and High. Investments with wider ranges ofreturns are labeled "high", as they are considered riskier than"low" volatility investments, which have had smaller rangesof returns. We also show where the portfolio's categorylands. For portfolios that haven't been in existence for threeyears, we simply show the category average.

Morningstar Style Box™

The Morningstar Style Box reveals a fund's investment styleas of the date noted on this report. For equity funds thevertical axis shows the market capitalization of the longstocks owned and the horizontal axis shows investment style(value, blend, or growth).

For fixed-income funds, the vertical axis shows the creditquality of the long bonds owned and the horizontal axisshows interest rate sensitivity as measured by a bond'seffective duration.

Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visithttp://www.sec.gov/divisions/marketreg/ratingagency.htm.Additionally, Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fundcompanies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fundcompanies are to report the median rating, and in caseswhere there are more than two organization/agency ratingsand a median rating does not exist, fund companies are touse the lower of the two middle ratings. PLEASE NOTE:Morningstar, Inc. is not itself an NRSRO nor does it issue acredit rating on the fund. An NRSRO or rating agency ratingscan change from time-to-time.

For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality iscurrently a letter that roughly corresponds to the scale usedby a leading NRSRO. Bond funds are assigned a style boxplacement of "low", "medium", or "high" based on theiraverage credit quality. Funds with a low credit quality arethose whose weighted-average credit quality is determinedto be less than "BBB-"; medium are those less than "AA-",but greater or equal to "BBB-"; and high are those with a

Disclosure

Variable Products: Are not a deposit of any Bank . Are not FDIC insured . Are not insured by Any Federal Government Agency . Are not guaranteed By Any

Bank or Savings Association . May Go Down in Value

©2013 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any useof information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

ProtectionTwo Death Benefit Options:1

• Option A: Level Death Benefit — Face Amount of the policy.

• Option B: Variable Death Benefit — Face Amount plus policy account value.

Flexibility — Clients can switch from Death Benefit Option A to B and from B to A. Changes from Death Benefit Option A to B are available at no charge after the second policy year. Changes from Death Benefit Option B to A are allowed after the fifth policy year.2

Incentive Life Optimizer® II is designed to provide a death benefit to beneficiaries so that they may preserve their quality of life and it can potentially provide cash to you during a clients lifetime.

During their lifetime, they have the opportunity to allocate premium dollars into a variety of investment options, including the Market Stabilizer Option®, that can potentially grow policy values and they policy’s death benefit.

1 Only Death Benefit Option A is available when the Loan Extension Endorsement is in effect. Changes in the death benefit option may result in changes to the policy’s Face Amount and may require evidence of insurability from the client. The death benefit during the early years of the contract is generally lower than in policies without this rider2 Changes in the death benefit option may result in changes to the policy’s Face Amount and may require evidence of insurability from the client.


Minimum Face Amounts• $100,000 – Regular and Guaranteed Issue

• $25,000 – Option to Purchase Additional Insurance (OPAI) and Term Conversions

• $10,000 – Additional Coverage Plan

• When the Cash Value Plus (CVP) Rider is elected, minimum Face Amount is $250,000/life for 1–2 lives and $100,000/life for 3 or more lives.

• The Charitable Legacy Rider® is available only for policies with a Face Amount of $1,000,000 or greater.

Incentive Life Optimizer® IIdeath benefit protection with potential cash value accumulation

important note

This fact card highlights the features and benefits of this product. It is not a complete description of all material provisions of the policy. For more complete information, please refer to the product specifications and prospectus.

Underwriting Classes/Issue Ages3

Guaranteed Interest OptionSecurity — The interest rate AXA Equitable credits to the Policy Account Value is declared periodically. The guaranteed minimum interest rate is 2% annually.

Premium Payments Flexibility

Clients can:

• Design premium payments according to their budget.

• Choose the amount and frequency of their premium payments (certain limits apply). Premiums can be paid annually, semiannually, quarterly, monthly, or through automatic monthly or quarterly deductions from a client’s checking account.4

— Premium payments are not required while the policy is on Long-Term Care ServicesSM Rider5 claim or while the Loan Extension Rider is keeping the policy in force.

Underwriting Class Issue Ages

Preferred Elite (Non-Tobacco User only):

18–75

Preferred Non-Tobacco User 18–80

Standard Plus (Non-Tobacco User only):

0–85

Preferred Tobacco User: 18–85

Standard: 18–85

Substandard Classes B & C: 18–85

Substandard Classes D, E & F 18–79

Guaranteed Issue: 20–70

Potential for Cash Value AccumulationWith Incentive Life Optimizer® II, clients have the opportunity to accumulate cash value to use for their future. They can determine how they would like to invest their premium dollars in a broad array of investment options with highly regarded money managers. And, AXA Equitable offers a Guaranteed Interest Option with a minimum interest rate of 2% annually.

Incentive Life Optimizer® II offers the Market Stabilizer Option® — an innovative option that offers upside potential as well as a measure of downside protection.

The Market Stabilizer Option®The Market Stabilizer Option® is an additional investment option that is available with certain variable life policies in addition to the variable investment options of the Equitable Advisors Trust (EQAT), the AXA Premier VIP Trust and the Guaranteed Interest Option. The Market Stabilizer Option® offers a rate of return tied to the performance of the S&P 500 Price Return Index (which does not include dividends), up to a current (non-guaranteed) Growth Cap Rate specified by the issuing company. It also provides limited Downside Protection against declines of up to 25% in the performance of the S&P 500 Price Return Index.6

The Market Stabilizer Option® is available for an

additional charge of 1.40% on a current basis,

2.40% on a guaranteed basis.

3 If a policy is rated with a flat extra premium, the issue age is limited to age 79.4 Increased frequency in premium payments is generally more expensive.5 This rider may not be available in all jurisdictions. Terms and conditions may vary by state.6 S&P®, Standard & Poor’s®, S&P 500® and Standard & Poor’s 500™ are trademarks of Standard & Poor’s Financial Services, LLC (“Standard & Poor’s”) and have been licensed for use by AXA Equitable. The Market Stabilizer Option® is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s does not make any representation regarding the advisability of investing in the Market Stabilizer Option®.

The Downside Protection feature of the Market Stabilizer Option® (referred to in the policy as the “Segment Loss Absorption Threshold Rate”) is the maximum percentage decline in the S&P 500 Price Return Index that will be absorbed under the Market Stabilizer Option® at the maturity of a Segment Term. The Downside Protection (subject to change) is currently -25%. There is a risk of substantial loss of principal because clients agree to absorb all the losses from the portion of any negative index performance that exceeds -25%. The Index-Linked Return is also limited by the Growth Cap Rate, which could cause the Index-Linked Return to be lower than it would otherwise be if there was participation in the full performance of the S&P 500 Price Return Index. The Growth Cap Rate will not be known before the Segment starts. Therefore, the upper limit on the return that may be credited to the investment in a Segment will not be known in advance.

An Early Distribution Adjustment will be applied to any amount distributed from a Segment prior to its Segment Maturity Date, except upon the death of the Insured. An Early Distribution Adjustment may substantially reduce the amount of the policy and client’s premium prior to a Segment Maturity Date. Additionally, if a policy loan, policy distribution, or monthly deduction is allocated to any Segment, there will be a corresponding Early Distribution Adjustment to the Segment Account that will generally reduce the Segment Account by the amount distributed from the Segment and the Early Distribution Adjustment.

Investment Strategies There are several additional investment strategies that

can help reduce the risk that is inherent in investing.

• Asset Allocation — If clients choose to invest their premium dollars using the AXA Strategic Allocation Series Portfolios, diversification is both convenient and easy. Each portfolio is a “fund of funds,” comprising several underlying portfolios in varying percentages that meet a set target among asset classes. These are five portfolios that range from conservative to moderate to growth, depending on risk tolerance.

Please keep in mind that investing in any of these asset allocation portfolios will involve a higher overall cost for clients, than if they were to invest directly in their underlying portfolios.

• Asset Rebalancing — Clients can request the Asset Rebalancing Service, which will automatically adjust investments to maintain a desired asset allocation.7

• Dollar Cost Averaging — Clients can help “smooth out” the ups and downs of the market by dollar cost averaging through the Automatic Transfer Service (ATS). The ATS automatically moves money each month (dollar cost averages) from the EQ/Money Market option to any combination of other variable investment options.7

The EQ/Money Market option is neither guaranteed nor insured by the Federal Deposit Insurance Corporation (FDIC) or any government agency. It is possible to lose money with this investment option.

• Account Transfers8 — Transfer amounts among any combination of the variable investment options, including the Market Stabilizer Option®, or the Guaranteed Interest Option on a tax-free basis. Restrictions may apply.

7 AXA Equitable’s Automatic Transfer Service (dollar cost averaging) and Asset Rebalancing Service do not ensure a profit or avoid a loss in a declining market. Dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels of such securities. An investor should consider his or her financial ability to continue purchases through periods of low price levels. The Asset Rebalancing Service and the Automatic Transfer Service are not available if the Enhanced No-Lapse Guarantee is elected, or if the Paid Up Death Benefit Guarantee is exercised. Neither the Market Stabilizer Option® nor the Guaranteed Interest Option is an available investment option with the Asset Rebalancing Service. See the prospectus for additional information.8 Transfers must be made in accordance with AXA Equitable’s procedures, which are subject to change. They may be limited in certain circumstances, and restrictions may apply to prevent disruptive transfer activities. If clients elect the Enhanced No-Lapse Guarantee, transfers are limited to the AXA Strategic Allocation Series Portfolios.

Riders9 & Features

No-Lapse Guarantee Rider

The No-Lapse Guarantee is included automatically with a policy and guarantees that the policy will not terminate for a certain number of years, depending on the issue age of the Insured, if specified premium amounts are paid and any policy loan (plus accrued loan interest) does not exceed the Policy Account Value (see chart).

Optional riders available for an additional charge:

• Cash Value Plus Rider — Provides higher cash value in first eight years, if the policy is fully surrendered, than policies without it.

• Long-Term Care ServicesSM Rider — Provides an acceleration of death benefit that can be used for qualified long-term care expenses.

• Children’s Term Insurance Rider — Provides term insurance protection for children of the Insured that may later be converted to permanent insurance without the children insured showing evidence of insurability.

• Option to Purchase Additional Insurance — Allows the policyowner to purchase a new policy on the life of the Insured for the amount of the option, on specified dates, without evidence of insurability.

• Disability Waiver of Monthly Deductions Rider — Keeps policy in force if clients are unable to pay their premiums due to disability.

• Disability Premium Waiver Rider — Pays the monthly premiums or waives the monthly charges if clients are unable to pay their premiums due to disability. Certain conditions and restrictions apply.

Optional rider available at no additional charge:

• Enhanced No-Lapse Guarantee — If clients select the Enhanced NLG rider, they will continue to have access to the growth potential of the market. Net premium dollars must be allocated among the five AXA Strategic Allocation Series Portfolios. With the Enhanced NLG rider, clients eliminate the risk of their policy lapsing due to poor investment performance during the Enhanced NLG period.

Please note that the Enhanced NLG is an optional

benefit that can be elected only at policy issue and for no

additional charge. This benefit provides a longer guarantee

period than the automatic NLG. Specified premiums must

be paid and withdrawals, unpaid policy loans and any

unpaid accrued loan interest may cause a policy to lapse

even if the client is in a period of coverage under the

Enhanced NLG. Please see the prospectus for more details.

• Charitable Legacy Rider® — Provides an additional death benefit of 1% of the base policy Face Amount, limited to $100,000, to a qualified charity named as beneficiary by the policyowner at issue (may be changed after issue). Up to two charities can be named. Available only for policies with Face Amounts of $1,000,000 or more.

9 All riders are subject to the terms and conditions of the rider. All riders may not be available in all jurisdictions. Some states may vary the terms and conditions. There may be an additional charge associated with obtaining certain riders. Some riders may not be available in combination with other riders and/or policy features.

Issue Age Enhanced NLG Period

Automatic NLG Period

55 and younger 30 years 20 years

56 29 years 19 years










66 19 years 9 years

67 18 years 8 years

68 17 years 7 years

69 16 years 6 years

70 and older 15 years 5 years

Riders automatically included with eligible policies at no additional charge:

• Living Benefits Rider — Provides the policyowner with a portion of the death benefit if the Insured is terminally ill (generally, having 12 months or less to live, six months in NC, CT and IL).

• Substitution of Insured Rider — Allows the policyowner to change the insured person, subject to certain restrictions and evidence of insurability.

• Loan Extension Endorsement10 — Prevents the policy from lapsing as a result of overloan, subject to various requirements.

• Paid-Up Death Benefit Guarantee Endorsement11 —Guarantees that the policy will remain in force for life, regardless of investment experience, as long as any loan plus accrued loan interest do not exceed the Policy Account Value. May be elected beginning in the fifth policy year if the Insured is less than attained age 121. The Face Amount, when elected, will depend on the Policy Account Value and the Insured’s attained age at the time of the election. When clients elect the Paid-Up Death Benefit Guarantee, they are subject to certain requirements, such as meeting the minimum Face Amount and choosing the Level Death Benefit Option (Option A). Clients will also have investment option restrictions. Please refer to the prospectus for more information.

Access to Cash Value12

• Any cash value can grow tax-deferred.

• Cash surrender value may be accessed through loans and withdrawals, potentially free of current income tax.

• The cash surrender value equals the Policy Account Value less applicable surrender charges during a surrender charge period, and the Policy Account Value thereafter.

Withdrawals12

• Withdrawals of the net cash surrender value are available any time after the first policy year, but before the Insured’s attained age 121.13

• Partial withdrawals are not available if the Paid-Up Death Benefit Guarantee (PU DBG) is in effect or the policy is being kept in-force under the Loan Extension Endorsement, or if clients are receiving benefits under either the Long-Term Care ServicesSM Rider or Living Benefits Rider.

• Amounts between $500 and up to the policy’s Net Cash Surrender Value are available, provided the withdrawal does not reduce the Face Amount below the minimum for the policy.

10 Not available with policies that elect the Cash Value Accumulation Test (CVAT) as the Definition of Life Insurance and not available in all states.11 If clients exercise the Paid-Up Death Benefit Guarantee (PU DBG), their Policy Account Value will automatically be reallocated to the AXA Strategic Allocation Series Portfolios and the GIO. Any amount removed from a Segment of the Market Stabilizer Option® prior to its maturity date is subject to a corresponding Early Distribution Adjustment. While the PU DBG is in effect, the amount that may be transferred to the GIO at any time is limited. 12 Under current federal tax rules, clients generally may take income-tax-free partial withdrawals under a life insurance policy that is not a Modified Endowment Contract (MEC), up to their basis in the contract. Additional amounts are includible in income. The IRS places a limit on how much money can go into life insurance premiums for the policy and how quickly such premiums can be paid in order for the policy to retain all of its tax benefits. If certain limits are exceeded, a MEC results. MEC policyholders may be subject to taxes on distributions on an income-first basis, that is, to the extent there is gain in their policies, and penalties on any taxable amount if they are not age 59½ or older. Loans taken will be free of current income tax as long as the policy remains in effect until the Insured’s death, does not lapse, and is not a MEC. Please note that outstanding loans accrue interest. Income-tax-free treatment also assumes the loan will eventually be satisfied from income-tax-free death benefit proceeds. Loans and withdrawals reduce the policy’s cash value and death benefit, may cause certain policy benefits or riders to become unavailable, and may increase the chance the policy may lapse. If the policy lapses, is surrendered or becomes a MEC, the loan balance at such time would generally be viewed as distributed and taxable under the general rules for distribution of policy cash values. In addition, withdrawals, policy loans and any accrued loan interest may cause the policy to lapse even if it is in a period of coverage under the No-Lapse Guarantee Rider. Policy charges, including increases, decreases, option changes, or dropping rates can impact limits for federal tax qualification and MEC testing. This may impact MEC status and premium limits, and in some cases, require current or future distributions. Refer to the actual policy and the Important Tax Information section of the policy illustration for additional information. 13 The policy may not be on Long-Term Care ServicesSM Rider claim or on Loan Extension.

Policy Loans12

• At any time prior to the Insured’s attained age 75, clients may borrow up to 90% of the policy’s Cash Surrender Value (100% thereafter).

• Clients may repay a loan in full or in part at any time. (Any outstanding loan plus accrued loan interest are deducted from the policy proceeds upon death or surrender.)

• For the base policy, the policy loan rate charged is 3% for policy years 1–10 and 2% thereafter on a current (non-guaranteed) basis. The current (non-guaranteed) loan spread (the difference between the interest rate charged on policy loans and the interest rate that is credited on policy loans) is 1% for policy years 1–10; 0% thereafter.

• The guaranteed maximum loan spread is 1% in all policy years.

• For any loan amount allocated to the Segments of the Market Stabilizer Option®, the current (non-guaranteed) loan spread is 1% for policy years 1–10; 0% thereafter. However, for any loan amount allocated to the Segments of the MSO, the guaranteed maximum loan spread is 5% in all states except New York and Oregon where the guaranteed maximum loan spread is 2%. The guaranteed maximum loan spread is applicable in all policy years.

• Policy loans may have an adverse impact on certain policy features, such as the No-Lapse Guarantee, the Enhanced NLG as well as other riders, and may cause the policy to lapse. If loan amounts are taken from the Market Stabilizer Option®, an Early Distribution Adjustment will apply.

• If certain conditions are met, the Loan Extension Endorsement will go into effect and guarantee that the policy will not lapse if the Net Policy Account Value is not sufficient to cover the monthly charges when due.

ChargesSurrender Charges• Applicable during the first 10 policy years or for

10 years after a Face Amount increase (that exceeds the highest previous Face Amount).

• Varies by gender, Tobacco User status and issue age.

• Grades down to zero by the end of policy year 10 or 10 years after a requested Face Amount increase.

Cost of Insurance (COI) Charges• Rate bands at $25K, $100K, and $250K.

Charge continues to age 100 on a current basis. 121 Guaranteed.

Premium ChargesThe premium charge is based on the policy duration and applies to all layers of coverage as follows:

Current, non-guaranteed: Determination of premium charge is based on premiums received each policy year and each year is treated independently:

Non-guaranteed: 6% up to the first 2 Sales Load Target Premiums (SLTPs) and 4% thereafter; guaranteed: 6% on all premiums.

Administrative Charges (Monthly)Non-Guaranteed: $15 year 1; $10 in renewal years up to attained age 100; Guaranteed: $15 year 1; $10 in renewal years up to attained age 121. Not applicable to the Additional Coverage Plan.

Per Thousand Charges (Monthly)There is a per $1,000 of Face Amount charge that applies for the first 10 policy years on a current (non-guaranteed) basis, and until attained age 121 on a guaranteed basis.

Varies by DB Option at issue.

Mortality & Expense Risk Charge:• Deducted monthly from the Policy Account.

• The current charge is 0.85% (annual rate) in policy years 1–8 and 0.00% (annual rate) in Policy Years 9 and later.

• The guaranteed charge is 1.00% (annual rate) in policy years 1–10 and 0.50% (annual rate) in policy years 11 and later.

Loan Charges • Maximum Loan — 90% of Cash Surrender Value.

• Loan Interest Charged — 3% years 1–10 (or to attained age 121, if earlier); 2% thereafter.

• Loan Interest Credited — Loaned amounts continue to earn interest, but at a rate expected to be lower than the rate charged on the loan during the first 10 policy years. The interest rate credited is guaranteed to never be more than 1% below the interest rate charged. On a guaranteed basis, the interest rate credited will not go below 2%. Even though there is no differential on a non-guaranteed basis between interest credited and interest charged beginning in policy year 11, there can be tax implications with respect to interest charged and interest credited on policy loans. Interest charged with respect to policy loans is generally non-deductible for income tax purposes for individuals. The interest credited as well as the capitalized loan interest charged are taken into account for determining the taxation of distributions under the policy or in the event that the policy is ever surrendered, lapses or becomes a Modified Endowment Contract.

Additional Facts • Customer Loyalty Credit — This is a non-guaranteed

credit beginning in the 9th policy year, which ranges from 0.15% (annual rate) to 0.55% (annual rate) based on the Insured’s issue age, duration of the policy and funding level. The dollar amount is a percentage of the Policy Account, excluding loaned amounts.

Definition of Life InsuranceA policy must satisfy one of two Definition of Life Insurance (DOLI) tests to qualify as a life insurance contract under Section 7702 of the Internal Revenue Code. The policyowner may choose between:

• Guideline Premium Test (GPT)

• Cash Value Accumulation Test (CVAT)

Note: The test is selected at the time of application and may not be changed after the policy is issued. If no election is specified on the application, the default is the GPT.

Face Amount Changes • Face Amount increases are available after the first

policy year. A new 10-year surrender charge period begins and a new premium charge applies if the requested Face Amount increase exceeds the highest previous Face Amount.14

• Face Amount decreases are available after the second policy year. A pro rata surrender charge applies if a decrease is requested during a surrender charge period.15

14 Not allowed if the policy has the Long-Term Care ServicesSM Rider or Cash Value Plus Rider.15 A requested decrease cannot cause the base policy Face Amount to be reduced below the minimum Face Amount for a policy.


For More Information, Contact the Life Insurance Sales Desk or Visit www.axa-equitable.com.

All guarantees are based solely on the claims-paying ability of AXA Equitable Life Insurance Company and do not apply to the variable subaccount.

Please be advised that this fact card is not intended as legal or tax advice. Accordingly, any tax information provided in this fact card is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and clients should seek advice based on their particular circumstances from an independent tax advisor.

Incentive Life Optimizer® II, a flexible premium variable life insurance policy, is issued by AXA Equitable Life Insurance Company (AXA Equitable), 1290 Avenue of the Americas, New York, NY 10104, and is co-distributed by AXA Advisors, LLC and AXA Distributors, LLC, both located at 1290 Avenue of the Americas, New York, NY 10104. AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies and do not provide legal and tax advice.

Inventive Life Optimizer® II is sold only by prospectus that contains complete information about investment options, fees, and charges. Clients should read the current prospectus before investing or sending money.

Certain types of policies, features and benefits may not be available in all jurisdictions or may be different. This policy has limitations. All guarantees are based on the claims-paying ability of AXA Equitable. For costs and more complete details of coverage, refer to the product specifications.

Incentive Life Optimizer®, Charitable Legacy Rider® and Market Stabilizer Option® are registered service marks and Long-Term Care ServicesSM is a service mark of AXA Equitable Life Insurance Company.


1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234G30271

IU-81405 (11/12) (Exp. 11/14) Cat. #145590 (11/12)

Documents

Alternatives and Volatility - AXA Alt 20 Portfolio · level funded case, volatility of the portfolio matters greatly. This is especially true in the first several years of the policy