Recently I have been selling a lot of VA's. My customers are all between 60 and 73, and they all have the need to take income from the accounts in the very near future. I've been using the AXA product - 6% GMIB & a GDB that gives the beneficiary at least the original principal back if the annuitant dies before 85.
When I talk about these w/ other reps in my firm I find that some just love them because it allows us to get clients into investments that will give them the best chance to have income for life(& a higher equity position) & some that hate them because the contracts have a 2.25 - 2.5% cost before portfolio management costs. The argument here is that there's no way for us to grow the money, and that we won't keep up with inflation.
I find truth on both sides. Love your comments.