NU Online News Service, Nov. 24, 2003, 5:34 p.m. EST – TIAA-CREF Life Insurance Company, New York, has introduced the Lifetime Fixed V annuity.[@@]
The product is a single-premium, after-tax deferred annuity that offers a five-year guaranteed rate of return during the accumulation stage.
TIAA-CREF Life, a unit of Teachers Insurance and Annuity Association, New York, backs the product guarantees.
TIAA-CREF Life limits the purchase of some of its products to association members, but the company is making the new annuity available to members of the general public who can invest at least $10,000.
Holders can take out up to 10% of the initial premium each year without paying a surrender charge, TIAA-CREF Life says.
The company also will allow holders to schedule periodic withdrawals of $100 or more per month. Holders can ask for withdrawals with a fixed amount, or they can base the amounts withdrawn on a percentage of the assets in the annuity or on the amount of interest that the annuity has earned, TIAA-CREF Life says.
The company will let holders stop the scheduled withdrawals at any time.
TIAA-CREF Life is selling the annuity in 20 states and hopes to offer it in most states by the end of the year.