If you’re researching Equitable — formerly AXA Equitable — you’re looking at a company with 165+ years of history and some genuinely strong products in the IUL and variable universal life space. But you’re also looking at a company that demutualized in the early 1990s, which fundamentally changes what they can offer you.
That distinction matters more than most reviews will tell you. Equitable doesn’t offer participating whole life insurance with dividends. They don’t have a mutual structure where policyholders own the company. And their customer satisfaction scores — ranked last in J.D. Power’s 2025 study — suggest the experience doesn’t always match the brand recognition.
Below, we break down what Equitable actually does well, where they fall short, and who should be looking at a completely different type of carrier.
📋 TL;DR — Equitable at a Glance
- Founded: 1859 (originally The Equitable Life Assurance Society of the United States)
- AM Best Rating: A (Excellent) — 3rd highest of 15 levels
- Company Type: Stock company (demutualized early 1990s) — publicly traded as Equitable Holdings (NYSE: EQH)
- Products Offered: Term life, indexed universal life (IUL), variable universal life (VUL) — no whole life insurance
- Best For: IUL accumulation strategies, VUL for high-income professionals, RILA annuities
- Watch Out For: No whole life or dividends, $1M minimum on most term policies, no 30-year term option, last place in J.D. Power customer satisfaction
💰 Bottom Line: Equitable is a financially strong company with competitive IUL and VUL products — particularly for accumulation-focused clients comfortable with market-linked risk. But the absence of participating whole life insurance means Equitable is structurally incapable of delivering guaranteed cash value growth, policyholder dividends, or the kind of paid-up addition design that drives long-term wealth building through policy loans. If that’s what you need, you need a mutual carrier.
Table of Contents
- Company Overview & Financial Strength
- Why Demutualization Matters
- Equitable Life Insurance Products
- BrightLife Grow IUL — Equitable’s Strongest Product
- Variable Universal Life (VUL) Options
- Term Life Insurance
- Annuity Products
- Policy Riders & Living Benefits
- Customer Service & Satisfaction
- Who Equitable Is Best For
- Frequently Asked Questions
- Conclusion
Company Overview & Financial Strength
Equitable was founded in 1859 in New York City as The Equitable Life Assurance Society of the United States. The company was acquired by French insurer AXA in 1992, operated as AXA Equitable for nearly three decades, and officially rebranded to simply “Equitable” in 2020 when it began operating independently from AXA SA.
Today Equitable is a Fortune 500 company with approximately $261 billion in assets under management, serving over 2.8 million clients. The company is publicly traded on the New York Stock Exchange under Equitable Holdings (NYSE: EQH), with its insurance operations run through Equitable Financial Life Insurance Company (New York) and Equitable Financial Life Insurance Company of America (Arizona).
Financial Strength Snapshot
| AM Best | A (Excellent) — 3rd highest of 15 levels |
| Moody’s | A1 — 5th highest of 21 levels |
| S&P Global | A+ (Strong) — 5th highest of 20 levels |
| BBB Rating | A+ |
| J.D. Power (2025) | 22nd of 22 — last place |
| Trustpilot | 1.4 out of 5 stars |
The financial strength ratings are solid — no question. The disconnect between Equitable’s balance sheet strength and its customer experience scores is one of the most important things to understand about this company. We’ll cover that in detail below.
For context on how Equitable compares to other highly rated carriers, see our Top 25 Highest Rated Insurance Companies guide.
Why Demutualization Matters
This is the section most Equitable reviews skip, and it’s the most important thing to understand before buying any policy from this company.
Equitable demutualized in the early 1990s. That means they converted from a mutual company — where policyholders own the company and share in its profits through dividends — to a stock company, where shareholders own the company and profits flow to Wall Street.
In practical terms, this means Equitable cannot offer participating whole life insurance with dividends. There are no annual dividend payments. There is no paid-up additions rider that compounds your cash value year after year. There is no guaranteed cash value growth independent of market performance.
If you’re comparing Equitable to mutual companies like Penn Mutual, MassMutual, Guardian, or New York Life, you’re comparing fundamentally different structures. The mutual carriers pay dividends back to policyholders. Equitable pays dividends to shareholders on the NYSE.
This doesn’t make Equitable a bad company. It makes them a different kind of company — one that competes on IUL product design and annuity innovation rather than on guaranteed whole life performance.
Equitable Life Insurance Products
Equitable’s product lineup is focused on three categories: term life, indexed universal life, and variable universal life. Here’s the full picture:
| Product | Type | Best For |
|---|---|---|
| BrightLife Grow | Indexed Universal Life | Cash value accumulation with index-linked growth and downside protection |
| VUL Optimizer | Variable Universal Life | Maximum growth potential, 85+ investment options, higher risk tolerance |
| VUL Incentive Life Protect | Variable Universal Life | VUL with no-lapse guarantee (20 years or to age 90) |
| COIL Institutional Series | Variable Universal Life | High-income executives, 90+ investment options, income replacement |
| Level Term (10/15/20) | Term Life | Affordable temporary coverage, $1M minimum, conversion option |
| Term-in-10 | Term Life | Quick-issue, no-exam term for ages 18-60 |
| Whole Life | — | Not available. Equitable does not offer participating whole life insurance. |
Note: Equitable does not provide online quotes. All policies require consultation with an Equitable financial advisor or registered representative.
For a full comparison of how these product types differ, see our guides on types of life insurance, whole life vs term life, and whole life vs universal life.
BrightLife Grow IUL — Equitable’s Strongest Product
If there’s one product that justifies looking at Equitable, it’s the BrightLife Grow indexed universal life policy. This is where the company genuinely competes.
BrightLife Grow links your cash value growth to market index performance — typically the S&P 500 — with a 0% floor that protects against losses in down years and a cap that limits gains in strong years. The result is a permanent life insurance policy that offers more growth potential than whole life or traditional universal life, with less risk than variable products.
Key features of BrightLife Grow include flexible premiums and adjustable death benefits, multiple index-linked account options for diversification, a 0% floor protecting against market losses, tax-deferred growth and tax-free access through policy loans, and the ability to switch between death benefit options as your needs change.
The product works well for clients who want accumulation-focused permanent coverage, are comfortable with market-linked returns (within caps and floors), have a 15+ year time horizon, and have already maxed out traditional retirement accounts.
Where it falls short: IUL caps limit your upside in strong market years, internal fees erode value during flat periods, and cost of insurance charges increase with age. An IUL that’s underfunded or held short-term will underperform. For a complete breakdown of how IUL works and when it makes sense, see our 2026 IUL Guide.
Variable Universal Life (VUL) Options
Equitable offers three VUL products, each designed for different risk profiles and planning goals. All three are sold by prospectus and require a registered representative — these are securities products, not just insurance.
VUL Optimizer is Equitable’s growth-focused VUL with access to 85+ investment subaccounts spanning equities, bonds, international funds, and managed portfolios. It includes the Market Stabilizer Option II for S&P 500 downside protection and an optional Long-Term Care Services rider. This is the highest-risk, highest-potential-reward option in their lineup.
VUL Incentive Life Protect adds a no-lapse guarantee — as long as you pay your premiums, the policy stays in force for 20 years or until age 90, whichever comes first. It’s a more conservative VUL option for clients who want market exposure with a safety net.
COIL Institutional Series is built for high-income executives and professionals, with 90+ investment options and income replacement capabilities during retirement. This is Equitable’s answer to executive bonus plans and corporate-owned life insurance strategies.
The key risk with any VUL: your cash value is directly invested in market subaccounts, which means you can lose principal. There’s no floor protecting you from losses like there is with IUL. VUL only makes sense for clients with high risk tolerance, long time horizons, and the financial discipline to maintain funding even in down markets.
For a deeper comparison, see our guide on VUL pros and cons.
Term Life Insurance
Equitable’s term life offerings have some notable limitations compared to other carriers.
Level Term policies are available in 10, 15, or 20-year terms with a $1 million minimum death benefit. No 25 or 30-year terms are available — which is a significant gap for younger families or anyone with a longer coverage horizon. Policies include a conversion option to permanent coverage within specified timeframes.
Term-in-10 is Equitable’s quick-issue product for applicants ages 18-60, with no medical exam required and approvals available within minutes. Coverage caps at $1 million for applicants 21+, $500,000 for ages 18-20.
Annual Renewable Term renews each year without reapplication but premiums increase annually. The $1 million minimum applies here as well.
The $1 million minimum on most term products immediately disqualifies Equitable for the average family shopping for $250K-$500K of coverage. And the absence of a 30-year term option means younger applicants looking to lock in rates through their working years need to look elsewhere. For a broader view of term options across carriers, see our term life insurance guide. If you’re considering eventually converting term to permanent coverage, see our best convertible term life insurance companies.
Annuity Products
Equitable’s annuity business is arguably stronger than its life insurance business. The company pioneered the registered index-linked annuity (RILA) market and has maintained U.S. sales leadership for 14 consecutive years. Their flagship Structured Capital Strategies PLUS offers market-linked growth with built-in downside protection and no explicit fees — a genuinely innovative product.
They also offer variable annuities (Retirement Cornerstone, Investment Edge) and fixed annuities (Guaranteed Growth Strategies) with 3, 5, or 7-year terms. If annuities are part of your planning, Equitable deserves a spot on the comparison list.
For a full breakdown of annuity options across carriers, see our best annuity companies guide and our fixed index annuity overview.
Policy Riders & Living Benefits
Equitable offers several riders that can be added to permanent life insurance policies depending on the product and state:
- Long-Term Care Services Rider: Available on VUL Optimizer and VUL Incentive Life Protect. Accelerates the death benefit to pay for qualified long-term care expenses — though payouts reduce the death benefit your beneficiaries receive.
- Chronic Illness Rider: Provides access to a portion of the death benefit if diagnosed with a qualifying chronic illness (unable to perform 2 of 6 ADLs or severe cognitive impairment).
- Terminal Illness Rider: Allows early access to the death benefit upon terminal diagnosis.
- Disability Waiver of Premium: Waives premium payments if the insured becomes disabled.
- Guaranteed Insurability Option: Allows purchase of additional coverage at specified times without new underwriting.
The Long-Term Care Services rider is Equitable’s most compelling living benefit and a genuine differentiator on their VUL products. For a comparison of how living benefits work across carriers, see our chronic illness rider vs long-term care rider guide and our best long-term care insurance companies overview.
Customer Service & Satisfaction — The Honest Assessment
This is where we need to be direct, because most reviews gloss over it.
Equitable ranked dead last — 22nd out of 22 companies — in J.D. Power’s 2025 U.S. Individual Life Insurance Study for customer satisfaction. On Trustpilot, the company holds a 1.4 out of 5 stars across 48 reviews, with complaints ranging from difficulty reaching U.S.-based customer service representatives to commission clawbacks from former advisors to problems setting up basic account features like direct deposit.
NAIC complaint data tells a slightly better story — Equitable’s complaint ratio is lower than expected for a company of its size, meaning formal regulatory complaints are relatively low. But informal customer dissatisfaction, as reflected in Trustpilot reviews and the J.D. Power ranking, paints a different picture.
This matters because life insurance is a multi-decade relationship. The company you choose today is the company you’ll be calling in 20 years when you need to access your cash value, file a claim, or make a policy change. Strong financial ratings tell you the company can pay claims. They don’t tell you what it’s like to actually work with them.
| Contact Method | Details |
|---|---|
| Phone (Life & Annuity) | 1-800-777-6510 (Mon-Thu 8:30am-7pm ET, Fri 8:30am-5:30pm ET) |
| New Quotes | 1-855-433-4010 (phone or video consultation with financial professional) |
| Website | equitable.com/support |
| Mobile App | iOS and Android (mixed reviews — some users report slowness and bugs) |
| Online Quotes | Not available — must work through a financial professional |
Who Equitable Is Best For (And Who Should Look Elsewhere)
✅ Equitable is a strong fit if you:
- Want an IUL policy focused on long-term accumulation with downside protection
- Are a high-income professional or executive seeking VUL or executive benefit strategies
- Are comfortable with market-linked risk and understand that cash value can fluctuate
- Need $1 million+ in term coverage and want fast, no-exam underwriting (Term-in-10)
- Are looking for RILA annuities from the market leader
- Have specific health conditions where Equitable’s lenient underwriting provides better rate classes
⚠️ Look elsewhere if you:
- Want whole life insurance with guaranteed cash value growth and annual dividends
- Plan to use policy loans for infinite banking, real estate investing, or Volume-Based Banking strategies
- Need less than $1 million in term coverage
- Want a 25 or 30-year term policy
- Prioritize customer service and want to work with a company that has strong satisfaction scores
- Prefer the structural alignment of a mutual company where policyholders — not shareholders — come first
- Want to buy a policy online without going through a financial advisor
Frequently Asked Questions
Does Equitable offer whole life insurance?
No. Equitable demutualized in the early 1990s and does not offer participating whole life insurance with dividends. Their permanent insurance options are limited to indexed universal life (IUL) and variable universal life (VUL). If whole life with guaranteed cash value and dividends is what you’re looking for, you’ll need a mutual carrier — see our top dividend-paying whole life companies.
What happened to AXA Equitable? Is it the same company?
Yes. AXA invested in Equitable after its demutualization in 1992, and the company operated as AXA Equitable for nearly three decades. In 2020, it rebranded to simply “Equitable” and now operates independently from AXA SA. The underlying insurance entities — Equitable Financial Life Insurance Company and Equitable Financial Life Insurance Company of America — remain the same.
Is Equitable life insurance legit?
Equitable is a legitimate, financially strong company with 165+ years of history and strong ratings from all major agencies (A from AM Best, A1 from Moody’s, A+ from S&P). It’s publicly traded on the NYSE and manages approximately $261 billion in assets. The company’s financial ability to pay claims is not in question. Customer satisfaction, however, is a different story — Equitable ranked last in J.D. Power’s 2025 customer satisfaction study.
How is Equitable’s customer service?
This is Equitable’s weakest area. The company ranked 22nd out of 22 in J.D. Power’s 2025 U.S. Individual Life Insurance Study and holds a 1.4 out of 5 on Trustpilot. Common complaints include difficulty reaching U.S.-based representatives and delays with complex service requests. NAIC formal complaint data is closer to average, but the overall customer experience picture is concerning for a multi-decade insurance relationship.
Is Equitable good for IUL?
Yes — IUL is arguably Equitable’s strongest product category. The BrightLife Grow IUL offers index-linked growth with a 0% floor, flexible premiums, and competitive internal costs. If you’re specifically looking for IUL accumulation and understand the caps and limitations, Equitable belongs on your shortlist. For a comprehensive understanding of how IUL works, see our 2026 IUL Guide, and to evaluate whether IUL is right for your situation, see Is IUL Worth It?.
Can I use Equitable for infinite banking?
Not effectively. Infinite banking and Volume-Based Banking strategies require participating whole life insurance with guaranteed cash values, predictable loan provisions, and compounding dividends through paid-up additions. Equitable doesn’t offer any of these features. If banking strategies are your goal, see our top infinite banking companies for carriers that are structurally designed for this purpose.
Equitable vs mutual companies — what’s the difference?
The fundamental difference is ownership. Mutual companies are owned by policyholders, and profits flow back through dividends. Stock companies like Equitable are owned by shareholders, and profits flow to Wall Street. This structural difference determines what products each can offer — mutual companies offer participating whole life with dividends; stock companies typically focus on universal life and term products. Neither is inherently better, but they serve very different financial planning needs.
Does Equitable require a medical exam?
Not always. Equitable’s Term-in-10 product offers no-exam underwriting for qualified applicants ages 18-60, with approvals possible within minutes. Other products may require an exam depending on the coverage amount and applicant profile. Equitable also offers an Easy Underwriting Program that streamlines the application for certain permanent products.
What is Equitable’s minimum coverage amount?
Most of Equitable’s term life products require a minimum death benefit of $1 million, which is significantly higher than most carriers. The exception is their TermOne (one-year non-renewable) product, which starts at $25,000. This high minimum makes Equitable a poor fit for families seeking more modest coverage amounts.
Equitable Life Insurance Review — Final Verdict
Equitable is a financially strong company with genuinely competitive products in the IUL and VUL space. If you’re a high-income professional looking for market-linked accumulation with downside protection, or an executive seeking sophisticated planning tools, Equitable deserves consideration.
But the honest assessment is this: the absence of whole life insurance, the last-place customer satisfaction ranking, and the stock company structure create real limitations that matter for certain strategies and certain clients. If guaranteed cash value growth, policyholder dividends, and long-term loan provisions are important to your financial plan, Equitable is structurally the wrong carrier — no matter how strong their balance sheet is.
The right question isn’t “Is Equitable a good company?” It is. The right question is whether their product lineup matches your specific goals — or whether a different structure serves you better.
Get a Personalized Comparison — IUL, Whole Life, or Both
Before deciding on Equitable or any other carrier, see what the numbers look like for your situation — not a generic review.
- ✓ Compare IUL illustrations from Equitable alongside other top carriers
- ✓ See side-by-side whole life vs. IUL projections to determine the right structure
- ✓ Get an honest assessment from specialists who design both IUL and whole life policies daily
- ✓ Work with practitioners who use these strategies in their own financial lives
Book Your Free Strategy Session
No obligation. No sales pressure. Just expert guidance to help you make the best decision for your financial future.
16 comments
Pam
trying to reach a US Customer Service Representative and having a really hard time I keep ending up at a call center in India. Do you have a US customer services person that could help me. Or number i can try.
Steven Gibbs
Hi Pam, it sounds like you’re trying to reach AXA directly. People sometimes get us confused with their company because we write articles about companies. You’ll want to make sure you’re on AXA’s website directly.
Best, Steve Gibbs, for I&E
William Burnfield
I have a MONY life insurance policy that I need information about. I can’t even find a telephone number for AXA Financial, whom acquired MONY.
Please help me.
SJG
Hello William,
I can only give you what is available to my knowledge on Google since we simply wrote an article here and aren’t otherwise connected to AXA.
Below is my search result.
If it isn’t correct perhaps they can point you in the right direction:
Axa/Customer service
1 (888) 292-4636
Best, Steve Gibbs
Steven Gibbs is a licensed insurance agent, and the following agent
license numbers of Steven Gibbs are provided as required by state law:
Resident License; AZ agent #17508301,
Non-resident Licenses: TX agent #2273189, CA agent #0K10610,
LA agent #769583, MA agent #2049963, MN agent #40563357,
UT agent #655544.
Daniel Schafer
I am a client and am amazed that I cannot send a secure message when logged in.
Am I missing something? I have jumped through a few hoops just trying to change ownership of my policy. Support person that answered my call today was very helpful, and courteously listened to my war story of how 40 years ago when I sold insurance, we could change ownership with a one-page form—I received 9 pages from you with little instruction whether or not I had to fill out all the pages.
Your written correspondence was not helpful. Another sore point: You have on file a W-9 from the new owner from when I started this process and was told we have to submit a new form—why? It has his name, address, signature, SSAN and nothing has changed. Of course, he doesn’t live with us, so now I must go to him, or he come to me for what? This type of thing is how you get a bad service rep.
SJG
Hi Daniel, it looks like you’re trying to reach AXA. We aren’t them, and sometimes people get confused because we write articles about various companies. You’ll need to go back and make sure you’re on their website and connect directly with their customer service team.
Best, I&E Pro Team
Edward Kunco
I have Equitable shares. Where can I send them to sell.
SJG
Hello Edward, you would need to contact Equitable directly about this. We are a private company and write articles about various companies and are not affiliated with them, although we may have agents appointed to write policies for certain companies. So, I suggest you search and contact the company’s customer service team directly.
Best, Steve Gibbs for I&E
John Dickson
I have policy by Equitable Number…need to speak with an agent/advisor regarding this policy, please.
Thank You.
John
Insurance&Estates
Hello John, sometimes people get us confused with their life insurance companies due to the fact that we write articles about them. If you’re looking for information about your policy, you’ll need to make sure you’re connecting with the company directly.
Best, Steve Gibbs, for I&E
Dana Gillett
I would like to pay my life insurance but misplaced my statement.
Insurance&Estates
Hi Dana, sometimes people get us confused with their insurance company because we write articles about many. It looks like you may be looking for AXA and we recommend you go directly to their website or if you worked with an agent then to them directly. Best, I&E
Ruben P Lopez
I have a retirement plan with you account number account # 60400015674077 NYN. I need form for 2019 indicating how much AXA MONY paid me . You may call me at 516 752 3998 or email me thanks R Lopez
Insurance&Estates
Hello Ruben, you’ll need to check and make sure you’re accessing AXA or whoever the administrator on your account is by making sure you are on their website. We can a lot of people who think we’re them because we write articles about various companies.
Best, I&E
John Brown
I’m just a regular guy, simi retired, my money isn’t going anywhere but I don’t have anyway to keep an eye on loss gain. Is there anyway I can see a graft/ spreadsheet of how my investment is doing on a regular basis? Thank you JGB
Insurance&Estates
Hello John, sometimes folks get us confused with their company because we write a lot of articles. It looks like you’re trying to contact AXA directly, so just make sure you’re on their website with their direct contact information.
Best, I&E