Filed Under:Annuities, Suitability

AXA proposes another variable annuity buyout offer

Following the offer it made last year to buy out variable annuity (VA) owners of their death benefits, AXA Equitable has proposed a similar exchange, but this time it’s to convert Guaranteed Minimum Income Benefits (GMIBs) into extra cash for the policyholder’s account value.

In an SEC filing dated July 1, the offer covers AXA’s Accumulator, Accumulator Plus, Accumulator Elite and Accumulator Select variable annuity contracts issued between 2004 and 2009. The filing makes clear the offer is voluntary and provides detailed numbers on the amount a policyholder would receive if the buyout is accepted. In general, states the filing, if the contract account value increases, the amount of the offer decreases.

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Nichole Morford

Nichole Morford
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