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d613129d497.txt
MONY AMERICA VARIABLE ACCOUNT L
AXA Equitable Life Insurance Company ("AXA Equitable")
MONY Life Insurance Company of America ("MONY America")
SUPPLEMENT DATED NOVEMBER 18, 2013
VARIABLE LIFE INSURANCE POLICIES
. INCENTIVE LIFE LEGACY(R) II
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This Supplement modifies certain information in the above-referenced current
prospectus, supplements to the prospectus and statements of additional
information, as previously supplemented (together the ''Prospectus''). You
should read this Supplement in conjunction with the Prospectus and retain it
for future reference. Unless otherwise indicated, all other information
included in the Prospectus remains unchanged. The terms and section headings we
use in this Supplement have the same meaning as in the Prospectus. We will send
you another copy of any prospectus or supplement without charge upon request.
Please contact the customer service center referenced in your Prospectus.
The purpose of this Supplement is to provide you with information regarding
certain changes to the Prospectus. As applicable to your policy, please note
the following changes:
Effective immediately, for policies issued on or after the date of this
supplement we reserve the right to implement a limitation on amounts that may
be allocated and or transferred to the guaranteed interest option ("policy
guaranteed interest option limitation"). Accordingly, please note the following
changes:
IN RISK/BENEFIT SUMMARY: POLICY FEATURES, BENEFITS AND RISKS, UNDER "THE
MINIMUM AMOUNT OF PREMIUMS YOU MUST PAY," UNDER "POLICY "LAPSE" AND
TERMINATION," THE SECOND PARAGRAPH IS DELETED IN ITS ENTIRETY AND REPLACED WITH
THE FOLLOWING:
We will mail a notice to you at your last known address if your policy lapses.
You will have a 61-day grace period to pay at least an amount prescribed in
your policy which would be enough to keep your policy in force for
approximately three months (without regard to investment performance). You may
not make any transfers or request any other policy changes during a grace
period. If we receive the requested amount before the end of the grace period,
it will be treated as a loan repayment to the extent it is less than or equal
to any outstanding policy loan and accrued loan interest. The remainder of the
payment, if any, will be treated as a premium payment. If the guaranteed
interest option limitation is in effect, we may limit you from allocating a
portion of your payment to the guaranteed interest option as described
elsewhere in this supplement. Any such portion of the payment will be allocated
to the variable investment options in proportion to any payment amounts for the
variable investment options that you have specified with that
payment. Otherwise, the remainder will be allocated in proportion to the
premium allocation percentages for the variable investment options then in
effect. If you have not specified any payment amounts for the variable
investment options and if there are no premium allocation percentages for any
variable investment options then in effect, any such portion of the payment
will be refunded to you except for any minimum amount necessary to keep the
policy from terminating, which will be allocated to the guaranteed interest
option. If we do not receive your payment by the end of the grace period, your
policy (and all riders to the policy) will terminate without value and all
coverage under your policy will cease. We will mail an additional notice to you
if your policy terminates.
IN "RISK/BENEFIT SUMMARY: POLICY FEATURES, BENEFITS AND RISKS," UNDER "YOU CAN
ELECT A "PAID UP" DEATH BENEFIT GUARANTEE," THE FOLLOWING SENTENCES ARE ADDED
AFTER THE FIFTH SENTENCE IN THE FIRST PARAGRAPH:
If the policy guaranteed interest option limitation is in effect at the time
you elect the "paid up" death benefit guarantee, it will no longer apply while
the paid up death benefit guarantee remains in effect. The limitation amounts
applicable under the "paid up" death benefit guarantee may permit you to
allocate different amounts into the guaranteed interest option.
IN "RISK/BENEFIT SUMMARY: POLICY FEATURES, BENEFITS AND RISKS," UNDER
"INVESTMENT OPTIONS WITHIN YOUR POLICY," THE FOLLOWING NEW PARAGRAPH IS ADDED
AFTER THE THIRD PARAGRAPH:
However, if the policy guaranteed interest option limitation is in effect, we
will limit you from allocating more than a specified percentage of any premium
payment to the guaranteed interest option. Any portion of the premium payment
in excess of the limitation amount will be allocated to the variable investment
options in proportion to any premium payment amounts for the variable
investment options that you have specified with that premium payment.
Otherwise, the excess will be allocated in proportion to the premium allocation
percentages for the variable investment options then in effect. If you have not
specified any premium payment amounts for the variable investment options and
if there are no premium allocation percentages for any variable investment
options then in effect, any portion of the premium payment in excess of the
limitation amount will be refunded to you (except for any minimum amount
necessary to keep the policy from terminating, which will be allocated to the
guaranteed interest option). The specified percentage limitation on premium
payments allocated to the guaranteed interest option can be changed at any
time, but it will never be less than 5%.
EVM-19 (11/13) 151170 (11/13)
IL Legacy II (AXA/MLOA) - New
Biz #613129
IN "RISK/BENEFIT SUMMARY: POLICY FEATURES, BENEFITS AND RISKS," UNDER
"INVESTMENT OPTIONS WITHIN YOUR POLICY," UNDER "GUARANTEED INTEREST OPTION,"
THE SECOND PARAGRAPH IS DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
Upon advance notification, AXA Equitable and MONY America have the right to
implement the policy guaranteed interest option limitation. If the policy
guaranteed interest option limitation is in effect, AXA Equitable and MONY
America have the right to limit you from allocating more than a specified
percentage of your premium to the guaranteed interest option. We may also
reject any transfer you request from the variable investment options to the
unloaned portion of the guaranteed interest option if the transfer would result
in the unloaned portion of the guaranteed interest option exceeding a specified
percentage of the total unloaned policy account value. Finally, we may limit
you from allocating more than a specified percentage of any additional loan
repayment to the guaranteed interest option after you have repaid any loaned
amounts that were taken from the guaranteed interest option. The specified
percentage limitation on allocations of premium payments, additional loan
repayments, and requested transfers to the guaranteed interest option can be
changed at any time, but it will never be less than 5%.
If you elect the paid up death benefit guarantee or the extended no lapse
guarantee rider, we will restrict the amount of the policy account value that
can be transferred or allocated to the guaranteed interest option. The policy
guaranteed interest option limitation will not apply while the paid up death
benefit guarantee or the extended no lapse guarantee rider remains in effect.
The limitation amounts applicable under the paid up death benefit guarantee and
the extended no lapse guarantee rider may permit you to allocate different
amounts into the guaranteed interest option. For more information on these
restrictions, see "Paid up death benefit guarantee" and "extended no lapse
guarantee rider" under "More information about policy features and benefits"
later in this prospectus.
IN "DETERMINING YOUR POLICY'S VALUE," UNDER "YOUR POLICY ACCOUNT VALUE," UNDER
"YOUR POLICY'S VALUE IN OUR GUARANTEED INTEREST OPTION," THE FIRST PARAGRAPH IS
DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
Your policy's value in our guaranteed interest option includes: (i) any amounts
that have been allocated to that option, based on your request, and (ii) any
"restricted" amounts that we hold in that option as a result of your election
to receive a living benefit. See "Your option to receive a terminal illness
living benefit" later in this prospectus. We credit all of such amounts with
interest at rates we declare from time to time. We guarantee that these rates
will not be less than a 2% effective annual rate. However, we reserve the right
to limit the percentage of your premium that may be allocated to the guaranteed
interest option, or to reject certain requests to transfer amounts to the
unloaned portion of your guaranteed interest option as described in greater
detail throughout this prospectus. We may also limit the percentage of any
additional loan repayments that may be allocated to the guaranteed interest
option after you have repaid any loaned amounts that were taken from the
guaranteed interest option. See "Guaranteed interest option" under "Investment
options within your policy" in "Risk/benefit summary: Policy features, benefits
and risks" earlier in this Prospectus for more information on such limitation
amounts.
IN "TRANSFERRING YOUR MONEY AMONG OUR INVESTMENT OPTIONS," UNDER "TRANSFERS YOU
CAN MAKE," PLEASE NOTE THE FOLLOWING CHANGES:
THE FIRST THREE SENTENCES IN THE FIRST PARAGRAPH ARE DELETED IN THEIR ENTIRETY
AND REPLACED WITH THE FOLLOWING NEW SENTENCE:
After your policy's Allocation Date, you can transfer amounts from one
investment option to another subject to certain restrictions discussed below.
THE FOLLOWING NEW PARAGRAPH IS ADDED AFTER THE THIRD PARAGRAPH:
RESTRICTIONS ON TRANSFERS INTO THE GUARANTEED INTEREST OPTION. Upon advance
notification, AXA Equitable and MONY America have the right to reject any
transfer you request from the variable investment options to the unloaned
portion of the guaranteed interest option if the transfer would result in the
unloaned portion of the guaranteed interest option exceeding a specified
percentage of the total unloaned policy account value. The specified percentage
limitation on requested transfers to the guaranteed interest option can be
changed at any time, but it will never be less than 5%.
IN "ACCESSING YOUR MONEY," UNDER "BORROWING FROM YOUR POLICY," UNDER "PAYING
OFF YOUR LOAN," THE FOLLOWING IS ADDED TO THE END OF THE SECOND PARAGRAPH:
However, if the policy guaranteed interest option limitation is in effect, we
will limit you from allocating more than a specified percentage of each
additional repayment to the guaranteed interest option. Any portion of the
additional loan repayment in excess of the limitation amount will be allocated
to the variable investment options in proportion to any loan repayment amounts
for the variable investment options that you have specified with that loan
repayment. Otherwise, the excess will be allocated in proportion to the premium
allocation percentages for the variable investment options then in effect. If
you have not specified any loan repayment amounts for the variable investment
options and if there are no premium allocation percentages for any variable
investment options then in effect, any portion of the additional loan repayment
in excess of the limitation amount will be refunded to you (except for any
minimum amount necessary to keep the policy from terminating, which will be
allocated to the guaranteed interest option). The specified percentage
limitation on additional loan repayments allocated to the guaranteed interest
option can be changed at any time, but it will never be less than 5%.
IN "ACCESSING YOUR MONEY," UNDER "LOAN EXTENSION (FOR GUIDELINE PREMIUM TEST
POLICIES ONLY)," A FINAL BULLET IS ADDED AS FOLLOWS:
. If the policy is on loan extension, the policy guaranteed interest option
limitation will not apply.
IN "ACCESSING YOUR MONEY," UNDER "YOUR OPTION TO RECEIVE A TERMINAL ILLNESS
LIVING BENEFIT," THE FIRST SENTENCE OF THE FOURTH PARAGRAPH IS DELETED IN ITS
ENTIRETY AND REPLACED WITH THE FOLLOWING:
When we pay a living benefit, we automatically transfer a pro rata portion of
your policy's net cash surrender value to the policy's guaranteed interest
option regardless of any policy guaranteed interest option limitation in effect.
IN "MORE INFORMATION ABOUT POLICY FEATURES AND BENEFITS," UNDER "PAID UP DEATH
BENEFIT GUARANTEE," UNDER "RESTRICTIONS ON ALLOCATIONS AND TRANSFERS," THE
FOLLOWING NEW PARAGRAPH IS ADDED AS THE THIRD PARAGRAPH:
If the policy guaranteed interest option limitation is in effect at the time
you elect the paid up death benefit guarantee, it will no longer apply while
the paid up death benefit guarantee remains in effect. The limitation amounts
applicable under the paid up death benefit guarantee may permit you to allocate
different amounts into the guaranteed interest option.
IN "MORE INFORMATION ABOUT POLICY FEATURES AND BENEFITS," UNDER "OTHER BENEFITS
YOU CAN ADD BY RIDER," UNDER "EXTENDED NO LAPSE GUARANTEE RIDER," UNDER
"TRANSFERS FROM THE VARIABLE INVESTMENT OPTIONS TO THE GUARANTEED INTEREST
OPTION," THE FOLLOWING SENTENCE IS ADDED TO THE END OF THE FIRST PARAGRAPH:
The policy guaranteed interest option will not apply while the extended no
lapse guarantee rider remains in effect. The limitation amounts applicable
under the extended no lapse guarantee rider may permit you to allocate
different amounts into the guaranteed interest option.
Distributed by affiliate AXA Advisors, LLC and for certain contracts
co-distributed by affiliate
AXA Distributors, LLC
1290 Avenue of the Americas
New York, NY 10104.
Copyright 2013 AXA Equitable Life Insurance Company and MONY Life Insurance
Company of America.
All rights reserved.
AXA Equitable Life Insurance Company
MONY Life Insurance Company of America
1290 Avenue of the Americas
New York, NY 10104
212-554-1234