New York Life Introduces Variable Annuity
"Income Plus offers a compelling way to pursue income and potential market growth during retirement," said
The New York Life Income Plus Variable Annuity is a long-term investment that provides consumers the opportunity for tax-deferred savings.
The Company said 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.
Income Plus also comes with a 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.
Grove said, "Income Plus capitalizes on
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