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NEW YORK, N.Y., JULY 22, 2008 – New York Life Insurance and Annuity Corporation1 today announced the launch of a new fixed deferred annuity product, the New York Life Select 5 Fixed Annuity, a single premium product offering clients a competitive interest rate that is guaranteed for five years with full liquidity at the end of the guarantee period.
“Retirees and investors are searching for financial security during uncertain economic times,” said John Meyer, senior vice president, Individual Annuity Department, New York Life. “In today’s unpredictable interest rate environment, the Select 5 product offers the stability of an interest rate that’s guaranteed for five years and backed by the financial strength of New York Life, which holds the highest credit ratings from all four major rating agencies. And unlike with many other similar products, at the end of the 5-year interest rate guarantee period, clients have complete access to their money.”
“Our fixed deferred annuities are resonating with our retired clients as well as those approaching retirement who in the past have used CDs as a savings vehicle,”2 said Andy Reiss, vice president, Individual Annuity Department, New York Life. “These clients recognize that our guaranteed five-year interest rate offers them a low-risk way to save in retirement and offers the additional benefit of tax-deferred growth, which means their money may grow faster than in a comparable, currently taxable investment, like a CD.”
The Select 5 Fixed Annuity offers the following features:
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. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments 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
1New York Life Insurance and Annuity Corporation is a wholly
owned subsidiary of New York Life Insurance Company.
2CDs are FDIC insured, while annuities are backed by the
financial strength of the issuing company. Also CDs are usually purchased to achieve short-term goals, while
annuities are usually purchased to meet long-term goals.
3Interest rates are effective annual yields.
4Withdrawals may be subject to regular income tax, and if made
prior to age 59½, may be subject to a 10% IRS penalty. Surrender charges may also apply.
5Death benefit payments are dependent upon the claims paying
ability of New York Life Insurance and Annuity Corporation (NYLIAC) (a Delaware Corporation), a wholly owned
subsidiary of New York Life Insurance Company. Surrender charges will not be deducted from death benefit
proceeds.
6The amount of the income will depend on the policy’s cash
value, the age and gender of the policyholder, and the interest rate available at the time the money in the
policy is applied toward generating the stream of guaranteed lifetime income.
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