New York Life Insurance Company is presenting income annuities as a vehicle that nonprofit groups can use to shore up charitable gift annuity programs.

New York Life, New York, says many nonprofits are having more difficulty generating revenue from the programs now than they were when the investment markets were doing better.

By using a portion of a donor’s gift to buy an income annuity, the nonprofit can “reinsure” the payment obligations and get immediate access to the difference between the cost of the income annuity and the amount of the donation, New York Life says.

If the charity does not need to use the freed-up cash immediately, it can invest the cash without concern about the payment obligation to the donor, the company says.

“New York Life assumes the investment risk underlying the gift annuity,” the company says.