NU Online News Service, Oct. 1, 2003, 2:32 p.m. EDT – New York Life Insurance and Annuity Corp., New York, has introduced the LifeStages Elite Variable Annuity.
Investors who buy the annuity will pay fixed policy fees over the life of the annuity contract, NYLIAC says.
NYLIAC, a unit of New York Life Insurance Company, New York, says it will base the policy fees on the amount of premiums that investors invest rather than on investment earnings.
The contract offers a choice of 32 variable investment options and a fixed account.
Other features include a guaranteed death benefit and an optional death benefit reset rider.