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N.Y. Life Reports Strong Lifetime Annuity Sales

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NU Online News Service, Feb. 9, 2005, 3:02 p.m. EST

A New York life insurer says consumers are snapping up one of its retirement products.[@@]

The insurer, New York Life Insurance Company, says sales of the product, the LifeStages Lifetime Income Annuity contract, increased 154% in 2004, to $292 million.

A lifetime fixed annuity is a special type of fixed annuity that pays out a fixed stream for life. Although the basic income stream is fixed, purchasers can pay extra for an inflation-protection option.