Axa to launch '5 for life' product

Moore tells IFAonline the insurer will develop a product based on its existing SIPP product to combine income drawdown with an annuity. The model is similar to a product popular in the US, which offers customers a guaranteed income of at least 5% of their investment as in a conventional annuity. The plan also offers clients higher returns from positive market conditions. Moore says Axa may name the product the Guaranteed Income Option. He says: “If you look at the way income plans work in America you see five for life. There are a few people dabbling with that in the UK and we’re kee...