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Life Health > Annuities

AARP Arm Taps New York Life For Income Annuities

By Staff Writer

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A financial services affiliate of AARP will be marketing retirement products from a large insurer.

AARP Financial, an arm of AARP Services Inc., Tewksbury, Mass., a company formed by AARP, Washington, has agreed to get the annuities for its new AARP Lifetime Income Program for AARP members from New York Life Insurance Company, New York.

The fixed immediate annuities will provide guaranteed income for life for AARP members between the ages of 50 and 85, according to executives at AARP Financial and New York Life.

New York Life has been AARP’s supplier of life insurance products since 1994, and the same New York Life office in Tampa, Fla., that services the life program will manage the income annuity program.

AARP Financial began testing the income annuity program in late 2006. The program is now available to most of AARP’s 37 million members, program organizers say.

AARP itself is endorsing the income annuity program, but AARP Financial has noted that AARP does not offer financial products or services itself.

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