AXA Equitable is rolling out a variable annuity that can protect the retirement income of either one holder or of a husband and a wife.
The annuity, the AXA Equitable Retirement Income for Life variable annuity, The annuity contract also provides a potential death benefit for heirs and permits holders to make additional contributions up until the date when they begin taking withdrawals, according to AXA Equitable, New York, a unit of AXA S.A., Paris.
AXA Equitable says it will start off by calculating a Guaranteed Annual Payment, by applying an annual “ratchet” adjustment to the income base. Once established, the GAP amount may increase but will never decrease, unless excess withdrawals are taken, according to AXA Equitable, which is responsible for backing the product guarantees.
The annuity gives the owner immediate access to the funds, and the contract includes a joint spousal lifetime income guarantee, according to AXA Equitable.