An income annuity can provide you with a stream of guaranteed income during retirement, starting immediately and lasting for life.
1 CDs are FDIC insured up to $250,000 per deposit. At the end of the maturity term, the full investment amount of the CD, plus interest, becomes available again, whereas with an income annuity each payment includes both interest and return of premium.
2 New York Life Insurance Company and New York Life Insurance and Annuity Corporation have received the highest financial strength ratings currently awarded to any U.S. life insurer by Standard & Poor’s (AA+); A.M. Best (A++); Moody’s (Aaa); and Fitch (AAA). Source: Individual Third-Party Ratings Reports as of 10/15/2020.
3 The New York Life Guaranteed Lifetime Income Annuity and New York Life Guaranteed Future Income Annuity (GFI) are issued by New York Life Insurance and Annuity Corporation (NYLIAC), A Delaware Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Products are available in jurisdictions where approved.
4 Proceeds will be fully taxable at the time of receipt. You should consult your own tax adviser prior to exercising a withdrawal feature, such as payment acceleration or cash withdrawal, under an immediate annuity, to confirm tax consequences and penalties, including a retroactive penalty that may apply to policies purchased prior to age 59½. Payment options and features are available only in jurisdictions where approved.
These contracts have no cash surrender value, and contracts in which a Life Only payout option is selected do not provide a death benefit either prior to, or after, the designated income start date. All guarantees are subject to contract terms, exclusions and limitations, and the claims-paying ability of NYLIAC. Additionally, the GFI contract does not permit withdrawals prior to the income start date, and it guarantees income payments at least as long as the annuitant is living, provided the annuitant is alive on the designated income start date.
For most jurisdictions, the policy form number for the New York Life Guaranteed Lifetime Income Annuity is ICC11-P102; it may be 211-P102 and state variations may apply.
For most jurisdictions, the policy form number for the New York Life Guaranteed Future Income Annuity is ICC11-P100; it may be 211-P100 and state variations may apply.