Why it earned this rating
Our assessment
Investment Edge 15 Select earns a solid rating because it provides a no-surrender variable annuity wrapper for buyers who want flexibility without working with a fee-based advisor. It loses ground because the 1.25% base annual expense is higher than the B-share variant's 1.10%, and there is still no living-benefit rider, which makes the value proposition narrower than it might first appear.
The short version
For a buyer who wants no surrender exposure and is paying commission rather than working through an RIA, Investment Edge 15 Select fills that niche. It is not the cheapest option in the Investment Edge family — that is the Advisor share at 0.30% base expense — but it is the only one without a surrender schedule that pays a commission. Without a living benefit rider, this contract is purely an accumulation vehicle.
Key facts
The full review
Is Equitable Investment Edge 15 Select a Good Annuity?
Yes, in a narrow case. It is a fair fit for an investor who specifically wants no-surrender exposure but is buying through a commission-paid distribution channel rather than a fee-based advisor. It is less appealing for buyers who would be better served by either the B-share (lower base expense, surrender exposure) or the Advisor share (lower base expense, advisor channel).
Why Someone Would Buy This Annuity
The main reason to buy Investment Edge 15 Select is to combine a commission-paid VA structure with full liquidity. For a buyer whose representative is commission-paid rather than fee-based, the C-share version of Investment Edge offers an alternative to the B-share if the surrender schedule is a deal-breaker. The secondary reason is administrative simplicity — no surrender tracking, no waiting for years to finish before reallocating or 1035-exchanging.
Who This Annuity Is Best For
I think this annuity is best for an investor who values flexibility, has a commission-paid relationship rather than fee-based, and is willing to pay slightly higher annual costs for the freedom to move assets without surrender penalties. It is less appropriate for buyers who would be better off with the lower-cost Advisor share class through a fee-based advisor, or who want guaranteed lifetime income (which neither share class offers).
What You're Really Buying Here
You are buying a tax-deferred wrapper without surrender exposure. The contract holds account value across 86 variable subaccounts, identical to the B-share and Advisor share lineups. The C-share's distinguishing feature is the absence of a surrender schedule. There is no income guarantee, no segment buffer, no structured crediting. The death benefit at base is just the full account value, with the option to add a Protected Premium Death Benefit.
How the Core Feature Works
The contract holds your premium across the 86-subaccount menu, with subaccount net expense ratios from 0.53% to 3.29%. On top of subaccount fees, Equitable charges 0.75% M&E, 0.30% administration, and a 0.20% other charge, for a total base annual expense of 1.25%. There is a $50 annual contract fee, waived at $50,000 in account value. There is no withdrawal-charge schedule, so withdrawals at any time are limited only by the $500 minimum balance and tax considerations.
Why the Secondary Feature Matters
The Protected Premium Death Benefit is again the only optional living guarantee on the contract. For a buyer using the wrapper for legacy planning, the rider preserves a stated minimum value for beneficiaries even after market downturns. The available materials do not specify the rider charge, so a prospective buyer should ask before electing it. The base death benefit is the full account value, which is the lowest tier of legacy protection a VA chassis offers.
Liquidity and Surrender Schedule
There is no surrender schedule on this contract. Withdrawals are not subject to insurance-company withdrawal charges. The $500 minimum balance applies, as does ordinary income tax treatment of gains and the 10% federal additional tax on withdrawals before age 59½ where applicable. This is the most flexible withdrawal structure of the three Investment Edge share classes.
Fees and Tradeoffs
The 1.25% base annual expense is meaningfully higher than the B-share's 1.10% and the Advisor share's 0.30%. For most buyers, that gap is the heart of the C-share decision. The premium pays for the absence of a surrender schedule, but it accumulates over years. Subaccount net expense ratios add 0.53% to 3.29% on top of the base expense. The optional Protected Premium Death Benefit is the only inside-the-contract rider charge to consider. The biggest tradeoff is what isn't here: no GLWB, GMIB, GMAB, or structured buffer.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Variable annuity (FPDA) |
| Share class | C Share |
| Surrender schedule | None |
| M&E charge | 0.75% assessed daily |
| Administration charge | 0.30% |
| Other charge | 0.20% |
| Total base expense | 1.25% (excludes subaccount and rider fees) |
| Annual contract fee | $50, waived at $50,000 |
| Issue ages | 0-85 NQ, 20-85 Q, 0-70 Inherited IRA |
| Minimum initial premium | $25,000 |
| Minimum subsequent premium | $500 NQ, $50 IRA/Roth IRA, $500 SEP IRA/Pension, $1,000 Inherited IRA |
| Plan types | 401(a), 401(k), IRA, NQ, Roth IRA, SEP IRA, Inherited NQ, Inherited IRA |
| Subaccounts | 86 variable, 0 indexed, 0 structured, 0 fixed |
| Subaccount fee range | 0.53% - 3.29% |
| Penalty-free withdrawals | Full liquidity (no surrender period) |
| Base death benefit | Full Account Value |
| Optional Protected Premium Death Benefit | Available; charge not specified in available materials |
| Surrender waivers | Not applicable (no surrender period) |
| GLWB / GMWB / GMAB / GMIB | None |
| MGSV | N/A |
| State availability | Issued by Equitable Financial Life Insurance Company (NY entity) |
Carrier snapshot
Investment Edge 15 Select is issued by Equitable Financial Life Insurance Company, the New York-domiciled subsidiary of Equitable Holdings. Equitable holds an A.M. Best rating of A and an S&P rating of A+ per the materials. Equitable was the #1 variable annuity provider by sales in 2024 according to Secure Retirement Institute data referenced in their consumer materials. Investment Edge first launched in November 2013, and the C-share variant continues to be distributed through full-service brokerage, independent broker/dealer, bank, and career channels.
Final take
Investment Edge 15 Select is a narrow-case product. It makes sense if you specifically want a commission-paid VA chassis with no surrender exposure. Outside of that scenario, the B-share will be cheaper for accumulation buyers willing to hold through the surrender window, and the Advisor share will be much cheaper for fee-based clients. There is no income rider here either, so this is not a place to come looking for guaranteed lifetime income.