New York Life Insurance and Annuity Corporation, New York, N.Y., has announced the launch of the New York Life Secure Term Fixed Annuity. This product is a fixed deferred annuity, which offers clients a variety of options to choose from, including 5-, 6-, and 7-year periods in which the interest rate guarantee period matches the surrender charge period.
The Secure Term Fixed Annuity offers the following features:
- A competitive, guaranteed fixed interest rate for five, six or seven years.
- A 100% money-back premium guarantee that ensures clients always receive back the premium paid for the policy less any previous withdrawals.
- Access to 10% of the funds when needed through surrender-charge-free window during each policy year.
- A guaranteed death benefit for heirs.
- The opportunity to generate a stream of income that’s guaranteed to last a lifetime.
The Living Needs Benefit/Unemployment Rider is offered at no additional cost and provides access to the money in your policy in qualifying situations. Optional riders are also available with the New York Life Secure Term Fixed Annuity, providing clients with a customizable product designed to meet their unique retirement savings needs.