New York Life Insurance and Annuity Corporation has brought out a new variable annuity that offers its purchasers protection against outliving their financial resources.

The new product, the LifeStages Longevity Benefit Variable Annuity, offers not only tax-deferred growth but also a promise of lifetime income, even if owners live a long time.

Unlike typical VA living benefits, clients don’t have to forfeit their policy’s value to receive their longevity benefit income payments, the company points out.

The VA allows investors to build retirement assets while establishing an extra source of income for the future. It also features an up-front premium credit and offers an array of investment options to help customers grow and diversify their retirement savings.

The product lets customers to start their extra longevity benefit income payments at age 75, 80 or 85. The longer policyholders wait before their additional lifetime income payments begin, the larger those payments will be, New York Life says.

The product offers 44 professionally managed investments plus a fixed account. It also provides a guaranteed death benefit.