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Innovative VA Path To Fulfilling Retirement

Business Wire, Inc.

New York Life’s Innovative Solution Meets Pre-Retiree Need for Guaranteed Income and the Pursuit of More

NEW YORK--(BUSINESS WIRE)-- New York Life has charted a new path to fulfilling Americans’ retirement dreams with the introduction of an innovative variable annuity with an optional rider that guarantees a future lifetime income stream. The New York Life Income Plus Variable Annuity is designed to meet the needs of Baby Boomers who have not yet entered retirement and seek guaranteed income coupled with the ability to participate in equity market gains, all in one product. It is available through New York Life’s 12,000 agents throughout the country.

Baby Boomers historically have invested in the market to accumulate assets for retirement and have become accustomed to benefiting from gains when markets perform well. As they plan for income in retirement, many hope that the market will continue to enhance their lifestyles. In fact, a recent New York Life-sponsored Ipsos survey found that 79% of pre-retirees aged 45 and older expect their retirement savings to do more than simply cover their basic expenses.

“Income Plus offers a compelling way to pursue income and potential market growth during retirement,” said Matthew Grove, the head of New York Life’s annuity business. “This next-generation variable annuity gives you confidence that your most important expenses will be covered for the rest of your life, while simultaneously allowing you to pursue more through the benefits associated with market participation.”

The New York Life Income Plus Variable Annuity is a long-term investment that provides consumers the opportunity for tax-deferred savings, a variety of investment options to pursue market growth, access to their savings, and future protection for loved ones through a death benefit.* The optional Guaranteed Future Income Benefit Rider provides a minimum level of guaranteed lifetime income payments, which can be increased if markets perform well. This rider is available for an annual cost and can only be purchased with a single premium amount at the time of application. With the guaranteed income floor established by this rider, policyholders receive essential protection against market declines and income payments that will neverdecrease due to negative market performance. These payments begin on a date of the client’s choosing. Income Plus also comes with a free Income Benefit Rider that allows clients to use their money in the annuity to purchase guaranteed lifetime income streams that begin when they want them to, but doesn’t provide the minimum level of guarantee at purchase.

Mr. Grove continued, “Income Plus capitalizes on New York Life’s well-established leadership in retirement income. With the launch of this product, we now offer a broad spectrum of income solutions to meet every need. Our industry-leading Guaranteed Lifetime Income Annuity provides retirees with guaranteed income now. Our category-creating Guaranteed Future Income Annuity provides pre-retirees with guaranteed income later. With the launch of Income Plus, we now offer pre-retirees guaranteed income and the pursuit of more through participation in the market. Importantly, all of the guarantees associated with these products are backed by a company with the highest ratings for financial strength currently awarded to any life insurer by the four major ratings agencies.”

Introducing Term 25 for the

Details from the Ipsos survey revealed additional insights into what consumers who pursue growth during retirement might do if their investments perform well. After covering basic expenses, a majority (55%) say that they would like to travel more and a quarter (26%) hope to enjoy more leisure activities or a club membership. One in eight (13%) would like to be able to make gifts to family members or leave money to their heirs.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).*** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s Web site at www.newyorklife.com for more information.

All guarantees, including death benefit payments, are dependent on the claims-paying ability of New York Life Insurance and Annuity Corporation (NYLIAC). Ratings and guarantees do not apply to the investment performance of the underlying investment divisions in the variable annuity because they are subject to market risk and fluctuate in value. Withdrawals and surrenders may be subject to ordinary income tax. Withdrawals made prior to age 591/2 may be subject to a 10% IRS penalty tax.

Investors should consider the investment objectives, risks, charges and expenses of the investment carefully before investing.The product and fund prospectuses contain this and other information about the product and underlying investment options.Investors should read the prospectuses carefully before investing.To obtain a copy of the product and fund prospectuses, call 1-800-598-2019.

* There are fees and expenses associated with this contract.
**Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 21, 2012. See http://www.money.cnn.com/magazines/fortune/fortune500/2012/faq/ for methodology.
***Source: Third Party Ratings Reports as of 6/22/12.
****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

Introducing Term 25 for the

The New York Life Income Plus Variable Annuity is issued by New York Life Insuranceand Annuity Corporation (NYLIAC) (A Delaware Corporation) and distributed by NYLIFE Distributors LLC, Member FINRA/SIPC. Securities are offered through properly licensed Registered Representatives of NYLIFE Securities LLC (Member FINRA/SIPC), A Licensed Insurance Agency, 51 Madison Avenue, New York, NY 10010. NYLIAC, NYLIFE Distributors LLC and NYLIFE Securities LLC are wholly-owned subsidiaries of New York Life Insurance Company.

In most jurisdictions, the New York Life Income Plus Variable Annuity policy form number is ICC11-P105. The IB Rider form number is ICC11-R109 and the GFIB Rider form number is ICC11-R108.

Survey Methodology

These are some of the findings of an Ipsos poll conducted spring 2012.For the survey, a national sample of 1,141 adults aged 45 and older and who are not retired from Ipsos’ U.S. online panel were interviewed online. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the U.S. adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of 1,141 and a 100% response rate would have an estimated margin of error of +/- 2.9 percentage points 19 times out of 20 of what the results would have been had the entire adult population of adults aged 45 and older who are not retired in the United States been polled.All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

New York Life
Terri Wolcott, 212-576-5624
Theresa_M_Wolcott@newyorklife.com
or
Sloane & Company
John Hartz, 857-598-4779
JHartz@sloanepr.com

Source: New York Life

Copyright:

Introducing Term 25 for the
Copyright Business Wire 2012
Wordcount:  1198

 



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Introducing Term 25 for the