New York Life announced the introduction of New York Life Income Plus Variable Annuity, a variable annuity with an optional rider that guarantees a future lifetime income stream.
"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, in a release. "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.
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 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."
New York Life Insurance Company is a life insurance company.
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