Although variable annuities carry the potential of higher returns than fixed annuities, they don’t offer a guaranteed payout. Indexed annuities aren’t as predictable, as the amount of the payments you receive will be tied to the performance of a particular stock index, such as Standard & Poor’s 500.
What is New York Life variable annuity?
New York Life Variable Annuities are long-term investment vehicles used for retirement savings. Keep in mind, assets allocated to the Investment Divisions are subject to market risks and may fluctuate in value. There are fees and expenses associated with these contracts.
Does fidelity own New York Life?
New York Life Insurance and Annuity Corporation (“NYLIAC”), a Delaware Corporation. Fidelity Brokerage Services, Member NYSE, SIPC, and Fidelity Insurance Agency, Inc., are the distributors; they are not affiliated with any New York Life Insurance Company.
What are the New York life variable annuities?
New York Life has a new product−the Premier Variable Annuity−FP Series (Premier). It offers an optional accumulation benefit rider that provides principal protection with up to 70% equity exposure.
How does lifetime withdrawal benefit work with New York Life Annuities?
The Guaranteed Lifetime Withdrawal Benefit rider is automatically paired with this annuity. This rider takes your initial premium and retitles it your “income base.” On the anniversary of your contract’s creation, your income base is credited an annual increase at a 5% rate.
How are accumulation annuities determined in New York?
Account value. Unlike a paid-up deferred annuity, an accumulation annuity maintains an account value which is used in determining all contract benefits. New York law establishes minimum standards for the computation of such account value by prescribing maximum charges and minimum interest.
Is there a surrender fee on New York Life Annuities?
New York Life employs a number of qualifying free withdrawal offers. If you go over them, a surrender charge will apply. If you exceed these limits in years one to three, a 7% fee is charged. After that, a 6%, 5%, 4% and 3% fee is levied during the fourth, fifth, sixth and seventh years, respectively.
