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.