AXA Equitable Reviews and Complaints by Consumers and Customers SnapShot

Last Updated On: November 27, 2015

AXA Equitable Corporate Contact

Business Name: AXA Equitable Life Insurance Company
Corporate Address:
1290 Avenue Of The Americas
New York, New York 10104 USA

Customer Service Contacts

Corp Phone Number: 866-487-7484
Corp Email:
Corp Website:

AXA Equitable Customer Ratings and Reports

Customer Ratings

Average Rating: 1.30 out of 5
Based On: 6 Reviews
Number Of Comments: 18

Consumer Loss Reports

Reported Losses: $127,755.68
Average Reported Losses: $21,292.61

Latest AXA Equitable Complaint

Is AXA Equitable a Rip Off, Fraud or Have They Scammed You? WARN OTHER CONSUMERS By Sharing

Category: Insurance Directory ListingAXA Equitable Life Insurance Company Listing

Unearned sales charges

In my experience, Doug Wood (and likely his immediate superiors) acts in his best short-term interests and not in those of his clients (at least not mine). In September 2006 I opened a John Hancock 529 plan for my son. At that time there were three share classes; A, B and C. A had an upfront sales charge and B and C did not. I chose Class B shares so as to avoid the sales charge.

Just over 9 years later, in October 2015, I made an additional $70,000 contribution to the same account. On my October 2015 statement I saw a $2,455.68 sales charge. How could I get a sales charge when I specifically selected an investment without one? I found out that two years earlier my account had been converted to Class A shares and Class A shares had a sales charge.

I called Doug, the adviser on the account, and explained I didn’t understand I’d be charged an upfront sales charge on additional contributions (why would I when I wasn’t charged one on my initial contribution) and that I wanted to either rescind my contribution or change it to a share class that didn’t have an upfront sales charge. Previously I had contacted John Hancock and they said they would be able to do such a change if Doug and AXA instructed them to. Doug informed me it would be impossible because I made a legally binding trade and there was nothing I could do to get out of it. I let him know that even if that was the case, it was a mistake on my part and I’d appreciate it if they’d correct the mistake.

He told me it wasn’t possible and they were going to keep the sales charge despite the fact they didn’t perform any services (I never spoke to Doug or anyone else at AXA prior to making the October 2015 contribution). I told Doug I’d like to speak with his supervisor and he said he’d get back to me the name of whom I should speak with but he never did. Instead he sent me an email saying that he’s “spoken to a variety of people on this issue” and “our hands are tied”. In other words, he won’t put me in contact with any superiors, they’re going to keep my money even though they didn’t do anything in exchange for it, and they don’t care about me as a client.

It seems strange that I have over $140K in a 529 plan that will stay there for at least 8 more years and am paying over 1% in service fees yet they feel it better to keep $2,455 and lose my account. Doesn’t he think that if I have $140K to put in a 10 year old child’s account that I likely have much more and could be a valuable client? Either Doug’s not sharp enough to pick up on that or he and his bosses really want the $2,455.

In either case, if you’re looking for a financial adviser to look out for your best interests and someone who treats you with a long-term view I’d stay away from Doug and his AXA office.

AXA Advisors, LLC – 2050 Main Street Suite 520 Irvine, CA 92614 United States |

Consumer Comments For AXA Equitable

    My mom worked hard for her money and fell for this investment with a Wells Fargo Advisors rep from Richmond, VA, 8 years ago. Mom was told and I was told at the first meeting that as long as she left her money in for the 8 years required contract period, she would be able to exercise the option of taking her beginning principal ever how she wanted in a lump sum, by the month or annually. She was told and I am a witness that she could take the guaranteed 6% annual interest either each year of her contract or wait until she completed the 8 years. If she took it as she went, she would not get anything but her principal at the end of the 8 years which she was happy would be the case, because she used heR guaranteed 6% interest each year to do work on her home and pay bills, etc. Every time, she made a withdrawal which in the last few years included required minimum distributions due to her age, she and I reconfirmed that we correctly understood that she would not be jeopardizing her principal, because the market was so volatile and so many people were saying bad things about these kinds of investments. The rep assured us every time that nothing was going to happen to mom’s principal and that she should not be concerned about the principal that it was not being affected. In fact, she would always say that we should not pay attention to the “market” values on any of the statements because mom had a different type of contract in which she was being guaranteed 6% and her principal was protected against market fluctuations. Now her 8 years are up and she is ready to withdraw or roll out her money to pay off her home and do other things she has waited 8 years to do. She finds that the realization of her so called investment is that all she has accomplished is merely that of a savings account for the past 8 years. She has used her guaranteed 6% each year and it has been deducted from her principal. She ends up with the balance of her principal minus her withdrawals and that has merely been like a regular savings account. Her only option is to withdraw the value of her principal at today’s market value which is now $42,000 less than what she started with. SO, AXA gave her that guaranteed 6% each year and took it from her OWN ACCOUNT. CAN SOMEONE TELL ME WHAT SHE ACCOMPLISHED? The rep says, she signed up for a guaranteed minimum income benefit which is based on the fictitious principal amount shown on the statement. I say fictitious, because mom can only get a small amount back each month, no lump sum of that amount. Now, she can stay in the program up to age 85 and take 6% withdrawals each year. That would be lovely for AXA and the rep, because in a few more years, mom would have a zero balance in her account and maybe dead with a zero death benefit to her beneficiaries, too! Sadly, what the rep told us in the initial meeting and subsequently in conversations was different than what she checked off on the forms and other documents mom signed. WE WERE MISLED. THE BANK MANAGER LEFT THE ROOM THE DAY WE MET – NOW WE KNOW WHY – SHE MAY NOT HAVE WANTED TO BE A PART OF WHAT WAS ABOUT TO HAPPEN TO US – SHE WAS A GOOD PERSON AND IS NO LONGER AT THAT BANK. RIP OFF! RIP OFF! THAT REP HAS NO INTEGRITY! WE WERE DUMB FOR TRUSTING HER!

  • How much commission does an AXA agent receive (percentage) for selling annuities? Are they required by law to disclose their commission?

    • Commission arrangements vary greatly. The policies have base commissions which vary depending on what payout structure the representative selects (from ongoing low fees to a single substantial lump sum). Moreover, with variable annuities the broker’s supervising dealer may get up to two thirds of the commissions charge.

      Please be aware that the LONGER the penalty period for contract surrender (and the HIGHER the surrender penalties), the greater the percentage more the broker will be paid. (It is not uncommon for 1st year surrender fee to equal the amount of commission paid out to the broker if the penalty period extends longer than six years.)

  • My AXA Financial Advisor in the Ridgeland, Mississippi office sold me investments, now he will not return my phone calls.

  • My AXA advisor is in Ridgeland, MS, it is unfortunate, but after the sale he does not return phone calls.


      Hi Larry, I am so sorry. I am an advisor myself and I really hope he sold you the right product. You can read and file a formal complain against this agent. Please file so he doesn’t continue this behavior. Thanks

  • Are there any current lawsuits on thiese situations? I was told several things that I am now told are not true.

    I was told that the rate of return was guaranteed and that so long as I only took the increased value of the account each year as income (not touching the benefit base) I could take the full interest each year as income and still have the death benefit until age 85. Now, my 3rd discussion with AXA, I am being told NO, you can take income from the market value but once it is depleted you have no choice but to annuitize and then you only get the percentage (not 6.5% of the total value). Combine that with once you annuitize you have no remaining acount value.

  • I took out an AXA variable annuity on the advise of one of their reps. They told me my principal would be guaranteed and I would lose anything. Unfortunately I put 65000 in it and now 6 years later its worth 53k right now. They claim when I filed complaint that all the papers were sined and things were explained to me. Kind of funny the person that sold me the policy was fired later and no explanation given. When I persued the complaint they said they couldnt find any wrong doing and closed the file. Yes I get a 5000 payment till I,m 85 but I could use the 65k now. Its crap what the sales pople tell and your stuck once you sign the papers.

    • Have you been able to get anyone to tell you what happens if your principal goes to zero? Got this through Wells Fargo. Will I lose everything? I have AXA variable annuity too with so called guaranteed income for life, with a death benefit, the fees are high, and the principal has dropped 30,000. I can’t get a straight answer out of them. Am so sorry got stuck with this, they are the worst company to deal with.

    • This happened in Illinois to 3 clients that took it to the sec state and local media and AXA settled

  • My mother has an IRA with AXA Equitable. Her beneficiary passed away before she did and she never updated it. Now that she has passed away, I’m living a nightmare trying to get a death benefit claim processed. I am the designated Executor of the estate and there is a Will on file in probate. AXA is basically telling me to **** with a Will they have their own method of determining who gets the proceeds from the claim starting with the children (all are not listed in the will). Are these funds now the property of the estate? Why is AXA proceeding as if there was no will (intestate succession)? Should the Will take presence over an affidavit of children submitted (which was not submitted to add additional beneficiaries). AXA is insisting each child submit a claim package or submit notarized disclaimer opting out of the process. In the mean time bills are piling up and I have no means to cover them . What should be my next course of action? If AXA is allow to go through with this what is the purpose of a Will?

  • My father started a whole life policy for me when I was a kid (maybe 6 or 7). I have since taken over the payments. The premiums due each year are $1079, so I’ve given Equitable (later AXA) easliy over $40,000 for a $95,000 policy so far (in addition to 40+ years of interest). Up until the year I turned 40, AXA kept telling me that the dividends would cover the premium by the time I reached 40. I am now 52 and the dividends still don’t cover it. Not only that, but the portion that I pay out of pocket has gone UP! Since the market is currently near record levels, how can this be happening? AXA must have the world’s worst investment manager.

    • That’s ridiculous. Cash it out. Very bad investment. Invest in a normal IRA or Roth. Just get it out of there.


      Hi Walter, You can exchange that life insurance policy for an annuity or life insurance policy as a 1035 exchange, you will basically transfer what you paid in into a new life insurance policy or annuity, it can save you some money. If you need the insurance for your estate, family or surviving spouse, you should certainly review your plan with a professional. I hope this helps.

  • I worked for AXA until September 2012. Recently, I received a letter from a collection agency requesting the amount of $1,181.
    I was told from them that the amount requested is money that I owe to AXA for the commission paid in advance.
    The amount of money that AXA is trying to collect from me is money that I received. The situation here is that the manager in charge of my district did the following:
    -He had a client (new or existent)
    -He used the name of his employee (In this situation, my name) and put it in the contract to earn PCs (I made some PCs, yeah!)
    -A commission was paid to that employee (I received a check) but the money should be returned to the manager because it was his client, not mine :(
    -To keep evidence of this practice I made him signs the paper that come with the check every time that I gave him the money.
    -I understand that the managers received bonus for the new employees and also I understand why he was in a hurry to get the PCs for me.
    When I resigned from AXA I was told that I didn’t owe anything (My manager told me that information). A few weeks ago I received this letter from the collection department saying that I owe $1,181. I contacted them to know more about this situation and I asked for the documents that AXA sent to them. When they sent me the documents that they received from AXA, it says that the amount this time was $1,281 (It changed in 2 weeks).
    With this entire situation, I want to express my discontent with the methods used for my manager. I moved to another state and I flew to the place where my branch is located because I wanted to meet with my manager, unfortunately he is a very busy person and trying to fix this problem by phone or email is really hard with him.
    When I received the commission statement from the collection agency I saw that there are some negatives balance from people that I haven’t seen in my life, people that I don’t know who they are.
    I’m refusing to pay because I gave that money to my manager, I didn’t keep anything; I just want to make sure that nobody else in this company had to pass throughout this process.
    I didn’t like the methods used for my supervisor and that was one of the mains reason to quit to my job in this company.

    note: I’m sorry for my English. This is not my first language

    • As a former agent for 21 yrs this happened to me and has happened to other reps I know.AXA is the last company as an advisor that I woild ever work for.

  • Dear Jayson,

    We are sorry to hear about your experience. Please contact Lauri Pettit, Customer Relations Analyst, at or (315) 477-2821, to discuss your individual issue. Thank you.

    • Who is Jayson?


Follow Us To Receive Complaint Alerts

Get Complaint Alert Emails