New York Life Longevity Benefit Variable Annuity Is the First Investment Vehicle With an Internally Funded Longevity BenefitNEW YORK, N.Y., December 19, 2006 — New York Life Insurance and Annuity Corporation (NYLIAC) announced today the introduction of the New York Life Longevity Benefit Variable Annuity, which offers the tax-deferred growth potential of a variable annuity plus a stream of lifetime income for purchasers who live a long time and need protection against outliving their financial resources.
The new product is a response to the increasing realization that longevity can present a major financial risk in retirement. Today, there is a greater than 50 percent chance that one person who is part of a 65-year-old couple will live past age 90.1 NYLIAC’s newest variable annuity product gives consumers the ability to accumulate retirement assets now, while simultaneously building an extra source of income for the future. The product also features an up-front premium credit 2 and offers a wide array of investment options that can help customers grow and diversify their retirement savings.
“Americans are living longer today, and their retirement needs and concerns have changed significantly,” said Corey Multer, vice president. “Growing one’s retirement nest egg is essential, but so is having a plan for making sure that nest egg lasts throughout retirement. The New York Life Longevity Benefit Variable Annuity offers an innovative way for policyholders to maximize their growth potential now while feeling more secure that they’ll have an additional stream of lifetime income in the future if they are fortunate enough, as many of us will be, to live beyond their average life expectancy.”
Customers select the age at which they want their extra Longevity Benefit income payments to start – 75, 80, or 85. The longer policyholders wait before their additional lifetime income payments begin, the larger those payments will be.
“Best of all, the Longevity Benefit income payments are received in addition to the balance in the variable annuity. Unlike other VA living benefits, clients don’t have to forfeit their variable annuity policy’s value to receive their longevity benefit income payments. Once their longevity benefit income payments start, clients are free to use the money in their annuity for whatever they want – they can withdraw it, keep it as a legacy for their heirs, or even exchange it for another stream of lifetime income payments to supplement their longevity benefit income,” Multer added.
In addition to the longevity benefit income, policyholders can also take advantage of the annuity’s 44 professionally managed investment divisions plus a fixed account.3 The product also provides a guaranteed death benefit, which ensures that a policyholder’s beneficiaries will be protected if he or she dies prematurely.
New York Life and New York Life Insurance and Annuity Corporation (NYLIAC) continue to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Fitch (AAA), Moody’s Investor Services (Aaa) and Standard & Poor’s (AA+). Source: Individual Third Party Ratings Reports (as of July 18, 2006). These ratings do not apply to the investment divisions, which will fluctuate in value.
This product is sold by prospectus only. To obtain a copy of the product and fund prospectuses call (800) 598-2019. Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. Both the product prospectus and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the prospectus carefully before investing.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
New York Life Longevity Benefit Variable Annuity is issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), Distributed by NYLIFE Distributors LLC (Member FINRA), and offered through properly licensed Registered Representatives of NYLIFE Securities Inc., (member FINRA, SIPC).
1Source: Annuity 2000 Mortality Table
2An extra amount added to the policy, which is calculated as a percentage of the premium payment.
3Assets allocated to the Investment Divisions are subject to market risks and may fluctuate in value. There are fees and expenses associated with this contract.
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