NU Online News Service, May 25, 2004, 1:19 p.m. EDT – New York Life Insurance and Annuity Corp. has introduced 2 single-premium, deferred, fixed annuities.[@@]
One product, the LifeStages Fixed Advantage Annuity, lets consumers lock in a higher initial interest rate for 2 or 3 years.
Consumers who buy the second product, the LifeStages Premium Plus Fixed Annuity, can lock in their initial interest rate for only 1 year. To compensate them, NYLIAC will put extra cash, or premium credits, into their annuities. The consumers will earn interest on the premium credits as well as their own premium contributions.
NYLIAC is a unit of New York Life Insurance Company.