MONY-MLOA Conversion Options for Protective Life Acquisition

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On October 1, 2013, Protective Life Insurance Company ("Protective Life") acquired MONY Life Insurance Company ("MONY") from the AXA Financial Group ("AXA"). As part of this acquisition, Protective Life also became the reinsurer of an in-force book of life insurance policies issued by MONY Life Insurance Company of America ("MLOA") primarily prior to 2004. Protective Life has collaborated with MLOA to create the following list of Frequently Asked Questions to help eligible term policy owners and their advisors understand the options for conversion.

Frequently Asked Questions for MONY/MLOA Conversions

1. What term conversion options are available for MONY policies and reinsured MLOA Policies?
MONY term policies eligible for conversion may be converted to the Protective Life products outlined in the next question. AXA Equitable products are no longer available for conversions of MONY policies. Reinsured MLOA term policies eligible for conversion may be converted to the Protective Life products outlined in the next question pursuant to a specific contractual conversion right or to the MLOA products outlined below. Contact Policy Revisions for assistance.

2. What products are available for conversions?
MONY policy owners have the option to convert to a Protective Life & Annuity policy (New York) or a Protective Life policy (non-NY issue states). The products available for the non-NY issued policies are the Protective ProClassicSM UL and the Protective Non-Participating Whole Life. The products available for NY issued policies are the Protective ProClassicSM NY UL and the Protective Non-Participating Whole Life NY. Reinsured MLOA policy owners have the option to convert to a Protective Life policyor a MLOA policy. The Protective Life products available for Reinsured MLOA policies are the Protective ProClassic UL and the Protective Non-Participating Whole Life. The MLOA products are the Athena Indexed Universal Life, Incentive Life Legacy II and BrightLifeSM Protect Universal Life. These MLOA products will be administered by AXA.

3. How do I obtain an Illustration for Protective Life products for term conversion?
BGA/Agents already contracted with Protective Life can provide illustrations for the Protective ProClassic UL and Protective Non-Participating Whole Life products through BGA/Agents not contracted with Protective Life may contact the Protective Policy Revisions for information on obtaining term conversion illustrations.

4. How do I obtain an application?
To obtain applications for Reinstatements and Policy Changes, contact the MONY In-force Service team for assistance. To obtain applications for conversions to Protective Life policies, contact Protective Life's Policy Revisions team for assistance or review for available state specific conversion applications. To obtain applications for conversions to MLOA policies, contact AXA for assistance. Note: Please refer to contact information below.

5. What products are available for the Purchase Option Rider (POR)?
The option to increase the face amount on MONY/MLOA policies will remain as an option for permitted plans. Contact MONY's Inforce Service team for the appropriate forms and assistance. For those exercising their MONY policy option to a new plan, the available products are as follows:
Protective ProClassic UL, Protective Non-Participating Whole Life and Protective ValueChoice (for term policies). Contact Protective Life's Policy Revisions team for assistance.

6. What application is needed to apply for the Purchase Option Rider?
To increase in-force policies, contact MONY Inforce Service team for forms and processing. To apply for a new policy, contact Protective Life's Policy Revisions team to obtain the appropriate form. They will also process the new policy and generate a new contract for the owner.

7. Will the underwriting guidelines regarding MONY policies or Reinsured MLOA policies change for reinstatements and policy changes?
Yes. Protective Life's underwriting guidelines are being used in place of AXA guidelines, effective October 1, 2013. Questions concerning underwriting for reinstatements and policy changes should be directed to the Protective Life Policy Revisions team.

8. What Protective Life practices will apply to the replacement of MONY or Reinsured MLOA policies?
All replacements of MONY and Reinsured MLOA policies with Protective Life policies will be subject to Protective Life's replacement guidelines, monitoring and compensation practices. These practices will apply in addition to the current AXA monitoring process. The results of the AXA monitoring practices for MONY policies and Reinsured MLOA policies will be shared with Protective Life. Replacements with the companies that Protective Life owns, provides service for or business reinsured will not receive new commissions, unless there is new additional premium above the original premium. Additional premium would be fully commissionable. No commissions will be paid on rolled over cash values from existing policies. The surrender charges are not waived.

9. How will compensation be handled with Protective Life?
To receive compensation for any Protective Life policy, the writing agent needs to be contracted with Protective Life. Agents may obtain contracting paperwork through a Brokerage General Agent (BGA) or Broker-Dealer. Agents may contact Protective Life's Licensing and Contracting department to determine if their BGA/Broker-Dealer has an active agreement.

10. How does this impact existing client relationships with AXA agents? Current agents' relationships and service expectations are not changed. AXA affiliated agents may continue to advise and service existing MONY and Reinsured MLOA policyholders, as they do today, including advice and services related to their current and long-term investments, financial protection and retirement needs. Existing agent of record relationships and processes for affected policies continue. If a client requests agent assistance or if there is an orphan policy requiring service, the current process for directing them to their local AXA branch will continue. AXA agents will continue to have access to policy and policyholder information. The format of this access may change over time. Agents and service teams will be notified of any changes as they are implemented.

Important Contact Information

Protective Life Policy Revisions
800.333.3418, extension 7676

Protective Life Contracting and Licensing
800.444.2658, option 1

MONY In-force Service

MONY Claims

AXA Charlotte

Please call your Brokerage Sales Consultant for full details.


Related Resources


BUA Sales
Phone: 800-792-6795