Annuity Riders

I take great pride in my knowledge of the detailed innerworkings of variable annuity products.  When I write articles on VA’s I go to great lengths to research and make sure that I know what I am talking about with a fine level of detail.  I take it very seriously if there are any inaccuracies.

Last week I wrote an article discussing some of the new products on the market, one of which was AXA’s Retirement Cornerstone.  A reader intimate to that product pointed out two errors in the article.

1:  I referred to the product as “Cornerstone” instead of “Retirement Cornerstone.”

This was originally a 2nd reference to the product, but through edits, the full name was inadvertently removed.  I apologize for this - I know this could confuse potential customers and in retrospect doesn’t have quite the same ring.

2:  I mentioned a penalty for withdrawing money from the “income sleeve” within the 1st 5 years.  The reader pointed out that in March, AXA had reduced this penalty to withdrawals in the first year.   

All I can say is that I did a dis-service to my readers and AXA by using a prospectus published prior to March.  There is no excuse for this mistake.  The only condolence I can offer is that this is something that will not escape my due diligence process going forward.

Please accept my sincere apology.  These errors are not something I take lightly.