A market value adjustment, or MVA, is an extra plus-or-minus tweak applied to a large early withdrawal from certain annuities, based on how interest rates have moved since you bought. If rates rose, the MVA usually reduces your payout; if rates fell, it can add to it.
In plain terms: A rate-driven bonus or haircut on big early withdrawals from an MVA annuity.
Think of an MVA like selling a bond before it matures. If newer bonds pay more than yours, buyers only take yours at a discount. Same idea here: when market rates climb after you lock in, an early full withdrawal gets adjusted down; when rates drop, it can adjust up. Axonic's Incline Advisory 2 carries an MVA as of July 30, 2026. The adjustment only applies to amounts above your free withdrawal, and only during the surrender period.
An MVA adds a second variable on top of the surrender charge if you exit early, so your exact cash-out value depends on where rates sit that day. Stay within your free withdrawal or hold to term and the MVA never touches you.
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