Equitable Financial Life Insurance Company invented the registered index-linked annuity (RILA) in 2010 and has held the top spot in RILA sales for 15 consecutive years. If you are researching market-linked annuities with downside protection, Equitable will appear at the top of every comparison list. This review covers what you need to know before you decide.
Equitable Financial at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Equitable Financial Life Insurance Company (NY) / Equitable Financial Life Insurance Company of America (all other states) |
| Consumer Brand | Equitable (formerly AXA Equitable) |
| Founded | 1859 |
| Headquarters | New York, NY |
| Ownership | Publicly traded subsidiary of Equitable Holdings, Inc. (NYSE: EQH) |
| AM Best Rating | A (Excellent) – verify current rating at ambest.com |
| S&P / Moody’s | A+ / A1 |
| Primary Products | RILA, Variable Annuity, Fixed Annuity |
| Assets Under Management | ~$1 trillion |
| State Availability | All 50 states, DC, and Puerto Rico |
Equitable’s Financial Strength and Background
Founded in 1859 as The Equitable Life Assurance Society, the company operated as a mutual insurer for over 130 years before demutualization in 1992. French insurer AXA acquired a majority stake and the brand became AXA Equitable. In 2020, AXA fully divested and the company rebranded as Equitable Holdings. It trades publicly on the NYSE under the ticker EQH.
AM Best rates Equitable at A (Excellent) – one notch below the A+ tier but firmly in the strong range. With roughly $1 trillion in total assets under management, Equitable is one of the largest financial services companies in the U.S. Always verify current ratings at ambest.com before committing to any contract.
One item worth noting before you proceed: In 2022, Equitable paid a $50 million SEC settlement after the agency found that Equitable sent misleading account statements to approximately 1.4 million variable annuity investors – mostly public school teachers – showing $0 in fees for quarters when fees were actually being charged. The conduct ran from at least 2016. No policyholder funds were at risk of loss, but the disclosure failure was significant. Equitable has since revised its reporting practices. See the full settlement at sec.gov.
What Annuity Products Does Equitable Offer?
Equitable’s lineup centers on securities-registered products that require a licensed financial professional to purchase. Core offerings include:
- Structured Capital Strategies PLUS (SCS PLUS) – Equitable’s flagship RILA. Offers partial downside protection (“buffer”) with market-linked upside up to a declared cap. No explicit annual fee – costs are embedded in the cap rate. Available in commission and fee-based versions. This is the #1 selling RILA in the U.S.
- Structured Capital Strategies Income – RILA with income distribution focus for buyers approaching or in retirement.
- Investment Edge Variable Annuity – Growth-focused VA with 100+ fund options. 5-year declining surrender schedule.
- Retirement Cornerstone Variable Annuity – Income-focused VA with an optional Guaranteed Minimum Income Benefit (GMIB) rider. 7-year surrender schedule.
- Guaranteed Growth Strategies – Traditional fixed annuity in 3, 5, and 7-year terms for buyers who want simple guaranteed rates.
- EQUI-VEST – Group variable annuity for 403(b) workplace plans, with deep distribution into K-12 school districts.
Note: RILA and variable annuity products are registered securities. Your financial professional must hold appropriate FINRA securities licenses to present or sell these products.
Who Is Equitable Best For?
- Pre-retirees aged 50-65 who want equity market participation with a defined downside buffer and are comfortable with a cap on gains.
- Teachers, nurses, and public employees with 403(b) workplace plans through their employer – Equitable serves over 820,000 participants in K-12 plans.
- Fee-based advisory clients – Equitable offers commission-free RILA versions accessible through registered investment advisors.
- Buyers seeking guaranteed lifetime income inside a VA via the Retirement Cornerstone GMIB rider.
Equitable is not appropriate for buyers who want simple guaranteed rates without market exposure, anyone who prefers a mutual company structure over public shareholder ownership, or self-directed buyers who want to purchase without a financial advisor.
Equitable Financial Pros and Cons
Pros
- #1 RILA seller for 15 consecutive years – unmatched product depth and experience in the category
- No explicit annual fee on SCS PLUS – costs embedded in performance cap rather than charged as a separate line item
- Massive financial scale – ~$1 trillion AUM, Fortune 500, A-rated by AM Best
- Dual distribution – available through both commission and fee-based advisors
- Full national availability – all 50 states, DC, and Puerto Rico
Cons
- 2022 SEC $50 million settlement for misleading fee disclosures to 1.4 million VA investors
- J.D. Power 2025 customer satisfaction ranking: last place (22 of 22 in peer group)
- Complex products requiring securities-licensed professionals – not available direct to consumer
- Publicly traded company – quarterly earnings pressure may influence product design and crediting rates
- No MYGA or SPIA for buyers seeking straightforward guaranteed income without market exposure
Frequently Asked Questions About Equitable Financial
What is a RILA and why is Equitable associated with it?
A registered index-linked annuity (RILA) links your returns to a market index (like the S&P 500) but provides a defined “buffer” – Equitable absorbs a set percentage of losses before they affect your account. Equitable invented the RILA in 2010 and has sold more of them than any other company in the U.S. for 15 straight years. Unlike fixed index annuities, RILAs are registered securities and require a licensed broker or advisor to sell.
Is Equitable safe after the 2022 SEC settlement?
The $50 million settlement addressed misleading fee disclosure in account statements – it was not a solvency issue or a policyholder fund loss. Equitable maintains an A (Excellent) AM Best rating and over $1 trillion in assets under management. That said, the disclosure failures involved over a million teachers and public employees, and the J.D. Power satisfaction ranking confirms ongoing service quality concerns. Verify current ratings at ambest.com before purchasing.
How do I buy an Equitable annuity?
RILA and variable annuity products from Equitable require a FINRA-registered financial professional. Fee-based RIA clients can access commission-free versions through fee-only advisors. Use our free quote request or call 855-583-1104 to speak with a licensed professional who can compare Equitable against other carriers for your situation.
Other Annuity Companies to Consider
- Jackson National Life Annuity Review
- Allianz Life Annuity Review
- American Equity Annuity Review
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