Variable Annuities Seek to Bail on Guarantees
Many variable annuity owners with Axa Equitable and Transamerica are receiving a letter they probably had to read over half a dozen times in order to believe it. The companies sent offers to policyholders to remove the guarantees (typically these are the only reasons one would buy a product with the high costs of a variable annuity), in exchange for a lump-sum added to their account values. And while that may be surprising to some, I am more surprised by the feedback I’m read