New York Life Annuities: Shopping by Carrier
New York Life focuses on life insurance and annuities. Its retirement savings product line includes fixed, deferred, immediate, and variable annuities, with several life insurance hybrids. Unlike other insurers, New York Life has maintained top-notch security ratings amid the '08 financial crisis on account of its strong financial position.
New York Life Company Overview
New York Life was founded in 1845. Today it is the largest mutual life insurance and annuity provider in the United States. New York Life is a top-rated insurer:
- A.M. Best rating: A++
- S&P rating: AAA
- Moody's rating: Aaa
- Fitch rating: AAA
New York Life Fixed Annuity Overview
New York Life offer several fixed annuity plans, like the Preferred Fixed, Optimal Fixed, Select 5, and Enhanced Fixed. These plans have a choice of 1, 2, 3, or 5—year term, with a $5,000 deposit minimum. Rates range from 3%-7% depending on choice of term, the amount of the initial deposit, and market conditions at the time of purchase. Premiums in excess of $50,000 lock in better rates.
New York Life fixed annuities feature a "10% Window", which allows you to withdraw up to 10% of your income per year free of charge. There is no limit on the number of yearly withdrawals. As far as surrender charges go, most of the above plans start at 7% and phase out to zero after 7 years.
Optional plan features include a Living Needs Benefit rider, an Unemployment Benefit rider, and an Enhanced Beneficiary Benefit rider. The Living Needs rider allows you to withdraw the entire sum of our annuity should you become hospitalized or disabled. The Unemployment rider allows you to cashout 50% of the annuity in the case of a job loss. The Enhanced Beneficiary Benefit rider provides a larger death benefit to loved ones.
New York Life Fixed Annuity Plans
Preferred Fixed Annuity: gives you an initial interest rate guarantee period of one, two, three, or five years.
Enhanced Fixed Annuity: offers a guaranteed interest rate for an initial period of one, two, three, or six years.
Optimal Fixed Annuity: offers an initial interest rate guarantee period of one, two, three, or five years, but has a provision for higher withdrawal amounts available without paying a surrender charge.
Flexible Premium Fixed Annuity: is designed for individuals who want to pay their premiums into a plan on a regular basis, so after paying the initial premium, additional payments can be made up to $50,000 per year per policy.
Select 5 Fixed Annuity: has a five-year initial interest rate guaranteed, and at the end of this period, it receives a new renewal rate every year, based on its cash value. This rate will never be lower than the minimum rate specified in the policy.
New York Life Variable Annuities
The variable annuity plans available from New York Life include the Access Variable Annuity, Elite Variable Annuity, Essentials Variable Annuity, Flexible Premium Variable Annuity, Longevity Benefit Variable Annuity, Premium Plus II Variable Annuity, Premium Plus Elite Variable Annuity, Premium Plus Variable Annuity, and the Select Variable Annuity plans. All of these plans offer different arrangements and options with contract-specific fees and costs.
Generally, variable annuities are designed for higher-risk, higher-growth retirement plans. Monies are allocated in equities and bonds across several sub-accounts. In a variable annuity your funds are subject to loss during market downturns, but on the flip side allow you to capitalize on market upturns. New York Life variable annuities are tax-deferred and feature lifetime income options.
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