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Annuity Option Ties Income Hike To Rates In Year 5

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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.