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.