Basic variable life insurance, like whole life insurance, provides permanent protection and requires scheduled premium payments, but offers a wide range of investment choices.

• You make fixed premium payments and receive a guaranteed minimum death benefit.
• You can invest premiums in one or more underlying portfolios offering different levels of risk and growth potential.
• Investment portfolios provide long-term growth potential, tax-deferred earnings, and the ability to make tax-free transfers among the investment portfolios.
• In addition to the variable investment portfolios, many insurance companies also offer a fixed interest account providing a minimum guaranteed rate for a specific period of time.
• The cash value of the policy is not guaranteed.

Advantages of Variable Life Insurance

• Offers greater growth potential than whole life insurance, because you have the opportunity to invest in a variety of different portfolios.
• Fixed premiums allow you to plan cash outlays accurately.
• Prospective buyers must receive a free prospectus that details all policy investment objectives, charges, risks, fees, and other expenses. Buyers must read the prospectus carefully before they invest or send money. Subsequent annual statements disclose actual expenses and investment performance.

Disadvantages of Variable Life Insurance

• While you have more growth potential with variable life insurance, you also are subject to more investment risk than with either whole life insurance or universal life insurance. Both the policy’s cash value and the amount of the death benefit have the potential to fluctuate up or down based on the performance of the investment options that are selected.
• You can’t increase or decrease the face amount of your policy. Additional coverage requires the purchase of another policy, additional costs and possibly evidence of insurability.
• Poor investment performance can lead to a reduced cash value and a lower death benefit, and possible lapse of policy without value.

For variable life insurance and variable universal life insurance policies, investment management fees are assessed on each investment option. They are deducted on a daily basis and vary from option to option.

Variable life and variable universal life insurance policies are offered by prospectus, which you can obtain from your financial professional or the insurance company. The prospectus contains detailed information about investment objectives, risks, charges and expenses. You should read the prospectus and consider this information carefully before purchasing a variable life or variable universal life insurance policy.

Variable life and variable universal life insurance policies generally combine a death benefit with an investment account that can be allocated among one or more investment options. Variable life and variable universal life policies vary considerably. Most include charges for cost of insurance, mortality and expense risks, sales loads and administrative fees that operate to reduce the cash value of the policy.

Life insurance and annuities are issued by AXA Equitable Life Insurance Company (AXA Equitable) and by various unaffiliated carriers through AXA Network, LLC and its subsidiaries. Co-distributed by AXA Distributors, LLC and AXA Advisors, LLC, members FINRA, SIPC. AXA Equitable, AXA Network, AXA Distributors and AXA Advisors are affiliated companies. All guarantees are based on the claims-paying ability of AXA Equitable. The guarantees do not apply to the investment portfolios.

AXA Financial, Inc. and its subsidiaries do not provide tax or legal advice. This material is provided for informational purposes only. Please consult your tax and/or legal advisors regarding your particular circumstances.

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

GE-31861 (4/05)