Help secure your grandchildren's financial future.
Some folks laughingly say that grandchildren are the reward for having lived through their children’s teen years. As most grandparents will admit, it is a reward worth waiting for.
And you’re now at the point where you want to do something special for them. A new gadget or cash make great gifts, but what if you want to do something more? What if you want to leave your grandchildren a legacy—a gift that lasts a lifetime?
This is one reason why New York Life developed the Guaranteed Lifetime Income Annuity (GLI), a single premium immediate annuity.1 Design your own with a Joint Life Option, for example, and this simple, flexible financial tool can help you pass a portion of your assets to your grandchildren…and even your great-grandchildren. It is a gift that can make a difference for generations to come.
How does it work? For example: Betty is a 70 year old grandmother who has a five-year-old granddaughter named Meghan. Betty uses $100,000 to purchase a GLI. During her lifetime, she receives $3,252 of guaranteed income each year.2 When Betty dies, the annuity continues to pay the $3,252 to Meghan for the rest of her life, regardless of market fluctuations.3
Betty also includes a 50% death benefit provision in her annuity (chosen at issue). As a result, this gift will keep giving into yet another generation. When Meghan dies, the policy that her grandmother Betty purchased will pay Meghan’s beneficiary 50% of Betty’s original purchase price (known as the premium). So, should Meghan have a daughter and name her the beneficiary, she will receive $50,000 at Meghan’s death.4 As a grandparent, you can find out more about New York Life Guaranteed Lifetime Income Annuity by contacting your New York Life agent. We have provided a very brief overview of just one way this versatile retirement product can help you reach your goals.
Also, please be aware of potential tax consequences. Specifically, note that the income amounts shown are pre-tax dollars. There also may be gift, estate, and generation-skipping transfer tax consequences for the grandparent/grandchild Joint Life Option.