New York Life Insurance and Annuity Corp. has introduced an income-adjustment tool for purchasers of the company’s LifeStages Lifetime Income Annuity contracts.[@@]
The new Changing Needs Option tool will give income annuity purchasers control over how the income payment stream will grow, or shrink, over time, according to NYLIAC, a unit of New York Life Insurance Company, New York.
Option purchasers can use the tool to cause income payments to fall by up to 50% or increase to up to 500% of the original amount at a scheduled date in the future, NYLIAC says.
Purchasers can schedule a future increase in the payment stream to accommodate a shift to full retirement or other anticipated changes, the company says.
Similarly, option purchasers can schedule a decrease to match an expected decrease in ongoing expenses, NYLIAC says.