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New York Life Introduces Fixed Lifetime Annuity

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NU Online News Service, Aug. 20, 2003, 12:35 p.m. EDT – New York Life Insurance Company, New York, has introduced a fixed annuity, the LifeStages Lifetime Income Annuity.

New York Life says it will guarantee that the customers who buy the annuity will get a steady stream of income for life.

Features include an inflation-protection option; an option that lets holders accelerate some payments to handle short-term needs for cash; and a withdrawal option that lets a holder make a large, one-time value withdrawal.

New York Life also is offering an option that guarantees that some value will pass on to beneficiaries even if annuity holders live longer than they had expected.