A life insurer is expanding the menu of income planning tools it markets in New York.

AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, has started selling a “guaranteed withdrawal benefit for life” as an optional rider with the New York state version of its Accumulator variable annuity contract.

Consumers who buy the guarantee and follow rider rules can withdraw a minimum amount of money every year for life, regardless of the performance of their investment portfolios, AXA Equitable says.

AXA Equitable is responsible for backing the rider guarantees.