New York Life: Guaranteed Future Income Annuity

Author: New York Life - Contact: newyorklife.com
Published: 2011/07/12 - Updated: 2022/02/15
Peer-Reviewed: N/A
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Synopsis: New York Life Insurance Guaranteed Future Income Annuity is a deferred income annuity providing an opportunity to create pension-like retirement income when employer sponsored defined benefit plans are dwindling. The product allows a policyholder to make an initial premium payment of at least $10,000 and set an income start date in the future, at which time they will begin receiving guaranteed income payments for the rest of their life. With the continued decline of traditional pension plans and concerns about Social Security, many Americans are facing a retirement income gap. Like a pension, the Guaranteed Future Income Annuity ensures that retirement income will be guaranteed for life - not just a bet on future returns that may or may not work out.

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Main Digest

New York Life Insurance Company today announced the launch of its Guaranteed Future Income Annuity(1), a deferred income annuity which offers consumers an opportunity to create their own 'pension-like' retirement income at a time when employer-sponsored defined benefit plans are dwindling. The flexible premium product gives Americans a way to allocate a portion of their retirement savings to a future guaranteed income stream that they can't outlive.

The product allows a policyholder to make an initial premium payment of at least $10,000 and set an income start date in the future, at which time they will begin receiving guaranteed income payments for the rest of their life. Between the initial premium date and the income start date, the policyholder can continue to make premium payments in smaller increments, and can defer or accelerate their income start date as personal needs change.(2)

The product meets several needs:

"With the continued decline of traditional pension plans and concerns about Social Security, many Americans are facing a retirement income gap. Like a pension, the Guaranteed Future Income Annuity ensures that retirement income will be guaranteed for life - not just a bet on future returns that may or may not work out," said Chris Blunt , executive vice president in charge of Retirement Income Security, New York Life Insurance Company.

"New York Life, as a mutual company, is owned by our policyholders and built around a 166-year commitment to making good on long-term promises and being there for our clients. We believe this product is a sound solution for those seeking the attributes of guaranteed income similar to the pensions that their parents once relied on. And our guarantee is backed by the highest possible ratings from all four of the major credit rating agencies."

Flexibility To Meet Individual Needs

The product offers the following features and benefits that allow policyholders to customize their policy to meet their individual needs:

The ability to make subsequent premium payments during the deferral period, which is the time between the initial investment and two years prior to the income start date.

The income start date can be adjusted for any reason - accelerated or deferred one time.(8)

Policyholders can customize their payment stream to include another annuitant(9), inflation protection, and legacy options including a cash refund feature that provides beneficiaries with the difference between the premium payment(s) and any income received.

"Many boomers have spent a lifetime taking care of their families, and now it's their turn to focus on their future by taking control of their retirement. They're accumulating assets, but they don't need assets in retirement - they need income. We believe the Guaranteed Future Income Annuity can meet a fundamental need by helping boomers accumulate a guaranteed lifetime income that they can't outlive," said Matt Grove , vice president in charge of New York Life's Guaranteed Lifetime Income business. "We're excited to help people take the guesswork out of retirement income."

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States(10) 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 Investments(11) 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.

References

Attribution/Source(s):

This quality-reviewed article relating to our Life Insurance Information section was selected for publishing by the editors of Disabled World due to its likely interest to our disability community readers. Though the content may have been edited for style, clarity, or length, the article "New York Life: Guaranteed Future Income Annuity" was originally written by New York Life, and published by Disabled-World.com on 2011/07/12 (Updated: 2022/02/15). Should you require further information or clarification, New York Life can be contacted at newyorklife.com. Disabled World makes no warranties or representations in connection therewith.

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