Close
ThinkAdvisor

Life Health > Life Insurance

Annuity Option Ties Income Hike To Rates In Year 5

X
Your article was successfully shared with the contacts you provided.

New York Life Insurance and Annuity Corp. has introduced the Income Enhancement Option feature.

NYLIAC, a unit of New York Life Insurance Company, New York, says it will be selling the feature with the Lifetime Income Annuity contract.

If a customer buys the feature, NYLIAC will guarantee that the purchaser will receive a minimum level of income for life.

If the Federal Reserve Board’s 10-Year Constant Maturity Treasury Index is at least 2 percentage points higher on the policy’s fifth anniversary than it was at the time the policy was purchased, then the lifetime income level will increase, according to NYLIAC.

More on this topic