Advisors Can Get Appointed To Offer Annuities
The first step to integrating our product solutions into retirement portfolios is to get appointed to sell with New York Life. Financial professionals who would like to be appointed are invited to access our enrollment instructions.
Growth and principal protection. Its a foot in both worlds.
The New York Life IndexFlex Variable Annuity-FP Series is a long-term financial product for those seeking to accumulate and protect money for retirement.
Opportunities for growth potential and principal protection.
The New York Life IndexFlex Variable Annuity-FP Series is a long-term financial product for those seeking to accumulate and protect money for retirement.
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In most jurisdictions, the policy form numbers are as follows : New York Life IndexFlex Variable AnnuityFP Series .Income annuities and deferred annuities are issued by New York Life Insurance and Annuity Corporation , 51 Madison Avenue, New York, NY 10010.Investments and insurance products are: Not FDIC/NCUA Insured | Not Insured by Any Federal Government Agency | Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any of its Affiliates | May Lose Value
New York Life Guaranteed Future Income Annuity Ii2
2. The New York Life Guaranteed Future Income Annuity II is issued by New York Life Insurance and Annuity Corporation , a Delaware Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Guarantees are subject to contract terms, exclusions and limitations, and the claims-paying ability of NYLIAC. This contract is irrevocable, has no cash value and no withdrawals are permitted prior to the income start date. Income payments are guaranteed at least as long as the annuitant is living, provided the annuitant is alive on the designated income start date. Contracts in which a Life Only payout option is selected do not provide a death benefit either prior to, or after, the designated start date. Available in jurisdictions where approved.
*These figures are effective as of and are subject to change at any time. Based on the life with cash refund option, male annuitant with $100,000. Payout amounts for female applicants, who have longer life expectancies, are lower. In the state of MT, payout amounts do not differentiate male and female life expectancies. Payouts are subject to change and will vary dependent on age, gender, payout option and premium amount, and interest in effect at time of policy issue. For most jurisdictions, the policy form number for the Guaranteed Lifetime Income Annuity II is ICC11-P103 it may be 211-P103, and state variations may apply.
Life Insurance Buying Guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers youre considering offer the coverage youre looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Its also important to make sure the policys medical requirements match your needs. For example, if you want to skip the life insurance medical exam but dont mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
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Variable Universal Life Insurance
Variable life combines a permanent death benefit value with a cash value option that you can invest in the market. Because you are investing, there is a certain amount of risk since cash value may go up or down based on market performance. With the variable life policy, you can either choose the investments yourself, or you choose investment combinations built by their experts in managed portfolios.
Several riders are available for this plan, including a Guaranteed Minimum Accumulation Benefit, which can protect your rate of return if the stock market falls. This is only available after 12 years of your policy being in force and has certain conditions.
What Is An Income Annuity And How Does It Work
If you are in or near retirement, and you have some money set aside, an income annuitylets you to convert part of your retirement savings into a stream of guaranteed lifetime income payments. You can purchase an annuity with a single lump-sum of money, called the premium or through flexible premium payments over time.
In return, youll receive a check on a monthly, quarterly, semiannual, or annual basis for the rest of your life. Most people choose to start receiving these payments either at or sometime after retirement.
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How Much Of My Money Should I Use For An Income Annuity
It depends on the product. New York Life income annuities allow you to purchase an income annuity for $5,000 or any amount above that, although any premium payments of $3 million or more require prior New York Life Insurance and Annuity Corporation approval. Together with your financial professional, you can determine the most appropriate amount of money to use to purchase an income annuity, based on your specific needs and situation.
Value Whole Life Insurance
New York Life’s value whole life insurance is essentially its standard whole life policy, but your cash value grows at a lower guaranteed rate. Value whole life policies are available if you’re younger than 90. While policies don’t have a minimum face value, there is a minimum annual premium of $20,000.
Value whole life insurance is a product that carries the features of whole life insurance, by building cash value at a guaranteed rate. But it also has much lower premiums for permanent coverage, particularly for those over age 50. In this sense, it’s similar to guaranteed universal life insurance, except those policies build little to no cash value. So, if you want permanent coverage and a cash value policy but cheaper rates, value whole life insurance offers components of both policies.
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Annuity Review: New York Life Secure Term Choice Fixed Annuity Ii
This annuity allows you to choose the guaranteed interest rate/surrender period from 3-7 years. The longer period, the higher the interest rate.
Maximum age for initial purchase: 90
Minimum initial premium: $5,000 $10,000 for pension plans
Additional premiums: not permitted
Maximum premium: premiums of $1,000,000 or more require NYLIAC approval
Price Of New York Life Insurance Plans
New York Life Insurance ranks as having a price that is Better Than Most by J.D. Power. There are no online quotes or pricing samples available online, quotes are individualized and must be obtained through an agent.
If you cant afford permanent life insurance, buy convertible term to start with and convert what you can later.
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New York Life Complaints And Customer Satisfaction
Over three years, New York Life drew fewer complaints to state regulators than typically expected for a company of its size, according to NerdWallets analysis of data from the National Association of Insurance Commissioners.
New York Life ranks No. 6 out of 23 companies in J.D. Powers 2020 Life Insurance Study for customer satisfaction.
New York Life Term Insurance
New York Life offers four different term life insurance policies, each with somewhat different requirements, restrictions and cost structures. They offer the option of a term conversion, meaning you can convert your coverage to a permanent life insurance policy.
|One-Year Nonrenewable Term|
|15â75 for a five-year policy 15â65 otherwise||18â50 for adults 0â17 for children|
|Minimum Face Value||$100,000 per adult $10,000 per child|
|Premiums and Term Length||Single premium coverage extends one year.||Premiums increase annually policy can be renewed until age 90.||Premiums level for five, 10 or 20 years can renew policy until age 90, but rates increase annually.||Premiums level for 10 years can renew policy until age 90, but rates increase annually.|
New York Life has two separate annual policies: a yearly convertible term policy and a one-year nonrenewable term policy. If you need one year of coverage and both policies meet your needs, we recommend getting quotes for both, as they’re fairly similar.
If you’re looking for two to four years of coverage, we recommend comparing rates for the yearly convertible term against those of a level convertible term policy. While the minimum term length for the level convertible term policy is five years, the total cost of the annually renewable policy may be greater over multiple years.
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Instant Legacy Single Premium Universal Life
New York Life’s instant legacy policy is a lower risk alternative to a standard universal life insurance policy. Instant legacy is a single premium policy, meaning you only make one lump sum payment, and coverage remains in place essentially for your lifetime. The policy matures at age 100.
There’s a 4 percent guaranteed interest crediting rate, and if you decide to surrender your policy at any point, you’ll receive at least the entire amount you paid in premiums, if not more. In addition, the death benefit is guaranteed to be at least as large as the policy’s original face value.
Instant legacy universal life policies are available if you’re between the ages of 21 and 85, and the policy comes with an accelerated death benefit option if you develop a terminal illness. The minimum premium is $10,000 and the maximum premium depends on your age:
- $60,000 if you’re between 21 and 49
- $100,000 if you’re between 50 and 69
- $125,000 if you’re between 70 and 85
Another benefit to instant legacy is that it’s one of the few New York Life products with simplified underwriting. There’s no medical exam to purchase coverage you’ll simply need to answer some questions about your health and lifestyle.
Cd Vs Annuity: Which One Works Best For You
Both certificates of deposit and fixed deferred annuities can be used to accumulate wealth. However, there are many differences between them. Lets compare two similar versions of these products:
Carefully review the following comparisons to help you decide which of these two products best suits your needs and financial situation.
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Variable Universal Life Insurance Accumulator
New York Life also offers a variable universal life insurance policy, which is similar to a standard universal life policy, except you’re allowed to choose how your cash value is invested from a set of alternatives.
If the investments you choose perform well, your cash value can potentially grow at a faster rate, but there’s the added risk that the investments will perform poorly. In addition, NYL’s variable universal life policy only comes with a five-year no-lapse guarantee. And you would need to add a guaranteed minimum death benefit rider in order to ensure your beneficiaries receive a guaranteed payout.
Variable universal life insurance policies are available if you’re under the age of 80 and have a $50,000 minimum face value .
How New York Life Describes The Guaranteed Lifetime Income Annuity Ii
New York Life describes the Guaranteed Lifetime Income Annuity II as a single premium immediate annuity that provides a stream of guaranteed income payments for the life or joint lives of the annuitant. It is an irrevocable contract in which New York Life Insurance and Annuity Corporation promises to make income payments to you for as long as you live.
Purchase payments into this annuity can be as low as just $5,000 and as high as $1 million. When the annuity is converted over into an income stream, you have the option of increasing the amount of that payment, anywhere between 1% and 10% per year. This can help to lessen the impact of future inflation and can assist with keeping your purchasing power on pace.
There is also a Changing Needs Option on this annuity, which allows the policy owner the opportunity to decide to have income payments adjusted at a particular point in the future. .
If the Income Enhancement Option is chosen, the policy owner can increase their income benefits, if interest rates rise, even though the annuity was purchased in a lower interest rate environment.
If you want more of the in-depth details directly from New York Life, you can take a look at the product brochure and fact sheet HERE.
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Income Now With Immediate Income Annuities
Retire in comfort with a reliable income stream.
Throughout all stages of life, having a predictable stream of income is important. Retirement is no different. A guaranteed income annuity can give you pension-like payouts that help you to maintain the lifestyle youve earned. And you can start collecting as soon as next month. Dont worry about spending down your savings. Enjoy the comfort of knowing exactly how much income you get to spend each month.
Consider Immediate Income Annuities if youre looking for:
- A way to convert savings into a stream of immediate income
- Guaranteed monthly payouts you can rely on
- A way to supplement your savings for retirement
New York Life: A Trusted Name For Over 175 Years
Ratings as of 10/15/20. New York Life Insurance Company has the highest ratings for financial strength currently awarded to any U.S. life insurer from the leading independent rating services: A.M. Best, Fitch and Moody’s Investors Service Highest Rating, Standard & Poor’s Second-Highest Rating.
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Standard Whole Life Insurance
New York Life’s standard whole life insurance policy is available from birth to age 90, but the minimum policy death benefit varies.
- $50,000 if you’re under 18
- $25,000 if you’re over 18
- $100,000 if you’re over 18 and in a Preferred risk class
With a standard whole life policy, premiums are level and paid until you reach age 100, at which time you no longer have to pay premiums, but coverage remains in force. The policy’s cash value increases over time as a portion of your premiums go into it, and it grows at a guaranteed interest rate. The interest rate on guaranteed cash value is 4%. You can borrow against the policy’s cash value by taking out a policy loan, which is charged interest at a rate NYL determines quarterly.
Whole life insurance policies qualify for dividends from New York Life, although they aren’t guaranteed. You can receive these dividends in several ways:
- Receive as a check.
- Use to pay a portion or all of your premiums.
- Leave on deposit with New York Life to earn interest.
- Use to purchase paid-up additions from New York Life. Paid-up additions allow you to increase the size of your policy’s death benefit without increasing your premiums by essentially paying for the additional coverage all at once.
Whole life insurance policies come with a variety of riders, which are essentially add-ons to your coverage that offer additional benefits.
New York Life Premier Variable Annuity
- 1.00% – 1.30% combined mortality, expense risk and administrative fee
- Various rider fees
- 0.42% – 1.96% annual portfolio expenses
Annuity TypeMinimum Initial Premium
The New York Life Premier Variable Annuity – FP Series is a variable annuity, meaning the funds in your contract will grow based on what you choose to invest in. There are a multitude of funds available to invest in, including funds managed by large investment companies like Fidelity, PIMCO, Invesco, Morgan Stanley and more. These funds focus on many different types of investments, including international and domestic stocks, bonds and alternative investments.
The death benefit associated with this contract is equal to the greater of your contract’s account value or the money you’ve invested, minus withdrawals and fees. Beyond that, New York Life will afford you a one-time step-up death benefit if you compelte your initial surrender charge period. Should you be able to do this, your death benefit will then become equal your account value on your most recent account anniversary if that amount is higher than either of the potential death benefits above.
The maximum issue age for this annuity is 80 years old. The minimum initial premium is $5,000 for non-qualified accounts and $2,500 for qualified accounts.
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Financial Strength: Highest Ranking A++
New York Life Insurance Company has a financial strength rating of A++ Superior by A.M. Best the highest possible rating. They are cited as having a conservative product portfolio and being a top leader in the U.S. Market Life Insurance industry. The company is a leader in the Million Dollar Round Table with continuous membership since 1956. MDRT is recognized as a standard of excellence in the life insurance and financial services industry.
How An Insurance Or Financial Advisor Might Pitch This Annuity
When it comes to your financial matters, it can be nice to know that you can count on at least some guarantees. The New York Life Guaranteed Lifetime Income Annuity ll offers various guarantees, including one that allows you to continue to receive income for life.
Given that, especially as many retirees worry about running out of income in retirement, it is likely that an insurance or financial advisor who is presenting you with this annuity will focus on its income guarantee.
But, even though this may put your mind at ease, the reality is that you may be required to make some trade-offs in order to get such guarantees. In the case of this particular annuity, because it is an immediate annuity product, you will have to convert the funds over into income within the first 12 months of purchase which means that you can miss out on long-term tax-deferred or tax-free income growth here.
In addition, with an immediate annuity, as with most other annuities, you will be committed to the contract once your free look period has expired. In this case, though, you will be either restricted or barred altogether, from getting any refund or your principal. So, this hits home even more than you absolutely have to consider an annuity a long-term commitment.
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