Choice is something Americans have come to expect, whether it’s at the ice cream shop or at their financial advisor’s office. New York Life Insurance and Annuity Corp. has an annuity feature that will give advisors the chance to let their clients choose. New York Life’s Lifetime Income Annuity’s Annual Increase Option allows policyholders to elect to have the income benefit on their income annuity increase in increments of 1 percent –between 1 percent and 5 percent per year — instead of just 3 percent or 5 percent, as was available previously.
This change, according to the company, permits policyholders to protect against inflation while still meeting their individual needs. The Annual Increase Option starts policyholders with lower payments, but those payments increase each year by 1 percent to 5 percent, depending on the client’s wishes and needs.