Investment Edge 21 Select review

It depends on the specific situation. For an advisor-channel client who wants no-surrender structure with structured market exposure and is working with a commission-compensated advisor, it can be a workable tool — the full liquidity is genuine, and the segment menu is more sophisticated than many plain VAs. For a client who could access the Advisor (fee-based) version, that version's lower-cost structure is usually the better choice. And for anyone whose primary goal is guaranteed lifetime income, this product is simply the wrong category. There is no income rider, and at 1.25% in annual insurance charges the cost of not having one is real.

The case for Investment Edge 21 Select centers on three things: tax deferral, structured market exposure without a surrender lock, and access to crediting designs — particularly Dual Direction and Dual Step Up — that plain subaccount VAs don't offer. For a client working with a commission-compensated advisor who values the structured segment approach and has other income sources already, the product delivers what it promises. The absence of surrender charges is a genuine benefit in a category where many products impose five-to-ten-year lockups.

I think Investment Edge 21 Select is best for a client in their 40s to early 70s who is accumulating assets in a commission-compensated advisor relationship, wants tax-deferred growth with structured downside management on part of their portfolio, and has covered their income needs elsewhere — Social Security, a pension, or a separate income annuity. It fits better in a non-qualified or IRA account where the client genuinely values the buffer segment mechanics rather than just wanting tax deferral. It is not suited for someone who could access the fee-based Advisor version, someone who needs guaranteed lifetime withdrawals, or someone who is sensitive to ongoing insurance charges relative to the benefits delivered.

You are buying a tax-deferred insurance wrapper with two layers of investment access: traditional variable subaccounts and structured buffer segments linked to major indices. The VA wrapper provides tax deferral and the death benefit; the structured segments provide a middle ground between unprotected market exposure and principal protection. This is not a fixed annuity, and the structured segments do not guarantee principal the way a fixed annuity does — they shape the return formula using buffers and dual-direction mechanics. The 1.25% base insurance charge is the price of the wrapper and the death benefit. Subaccount fund expenses add on top of that. Neither goes away.

The structured segment menu is what separates Investment Edge 21 Select from a plain variable subaccount annuity. Segments come in annual and multi-year formats across several design types:

Annual segments include Standard Point-to-Point (capped index gain), Dual Direction (credits a positive return when the index falls within the buffer range as well as when it rises), Dual Performance (applies both participation and buffer mechanics), and Performance Triggered (a set rate if the index meets a threshold). Multi-year Term End Point designs extend the measurement window for potentially higher participation over the segment term.

Available indices are the S&P 500, Russell 2000, MSCI EAFE, NASDAQ 100, and MSCI Emerging Markets. Cap rates as of April 2026 range from 7% to 750% depending on segment type and duration — the wide spread reflects the fundamental difference between annual capped designs and longer uncapped multi-year participation structures. Current rates by segment and index should be requested directly; these figures change.

The practical value of Dual Direction and Dual Performance designs is that they can credit a positive result even when markets are modestly negative, within the buffer range. That is not principal protection in the fixed-annuity sense, but it does change the return profile relative to unstructured market exposure.

The no-surrender structure is the product's second major differentiator. Most variable annuities impose surrender schedules of five to ten years that lock client assets and create real conflicts of interest when portfolio situations change. Investment Edge 21 Select removes that: clients can withdraw without a contract-imposed penalty at any time. For clients who legitimately might need access — or for advisors who want to retain flexibility to rebalance — the absence of a surrender clock is worth something concrete. Standard IRS rules on early distributions still apply, but the annuity contract itself creates no additional barrier to access.

There is no surrender schedule. Withdrawals are available at any time without a penalty from the contract. The IRS 10% early-withdrawal penalty for distributions before age 59½ applies unless a qualified exception is met — substantially equal periodic payments under IRC 72(t) and systematic withdrawal programs are available to help manage this. The contract accommodates RMDs from qualified accounts without additional contract charges. Equitable also makes automatic RMD distributions available, along with systematic withdrawals and 72(t)-compliant payment structures. This is a clean liquidity profile for the VA category.

The base insurance cost is 1.25% per year, broken down as 0.75% mortality and expense charge, 0.30% administration charge, and 0.20% other charge. An annual $50 contract maintenance fee also applies, though it is waived when account value reaches $50,000. For larger accounts — $500,000 or more — Equitable provides a 0.10% annual breakpoint credit, increasing to 0.15% at $1,000,000 and above. Those breakpoints help, but they do not fully offset the insurance cost load.

The optional Return of Premium Death Benefit rider adds 0.30% per year and ensures beneficiaries receive at least the premiums paid, adjusted for withdrawals, regardless of account performance. The standard death benefit simply returns account value.

Subaccount fund expenses stack on top of the base insurance charge. Net ongoing cost — insurance charges plus fund expenses — can run meaningfully higher than 1.25% depending on the funds selected. For buyers who are primarily interested in the structured segments rather than active subaccount management, the all-in cost needs to be modeled carefully against the tax-deferral benefit and the specific goals being pursued.

There is no income rider. That is not a fee avoided — it reflects a product design that makes this unsuitable for income-focused use cases regardless of the cost discussion.

Legal Entity: Equitable Financial Life Insurance Company of America

Parent: Equitable Holdings Inc.

A.M. Best Rating: A