A new variable annuity from Axa Equitable Life Insurance Co. combines features of deferred and immediate variable annuities.
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Payments are guaranteed not to fall below a minimum but may exceed it because of market performance - a feature of immediate annuities. Buyers can put in more money until withdrawals start, and heirs get death benefit - features generally found in deferred annuities.
Payments are guaranteed for the life of the buyer and, optionally, a surviving spouse. Buyers can choose one or more of five underlying asset-allocation funds. Payments are automatically recalculated each year.
Axa Equitable, the life insurance subsidiary of Axa Financial Inc., announced the product Monday.
