New York Life Updates On Deferred Income Annuity

New York Life reported that its deferred income annuity, Guaranteed Future Income (GFI), a way to generate guaranteed lifetime income in the future, has exceeded $2 billion in premiums since its July 2011 introduction.

According to a company release, twenty percent of GFI policyholders have contributed more than one premium payment, confirming that GFI helps satisfy pre-retirees' desire to flexibly invest in their retirements early and over time. Most notably, the product has redefined the retirement income market as ten carriers have introduced similar products since the launch of GFI.

"New York Life continues to be the leading provider of guaranteed income in the industry. As pre-retirees plan for retirements that may last 20, 30, or even 40 years, there is growing recognition of the value of a guaranteed, sustainable approach to income. One of the most efficient ways to do that is with a deferred income annuity. This sales milestone is a reflection of the fact that pre- retirees want guarantees and simplicity, and GFI delivers," said David Cruz, senior managing director in charge of the company's annuity products. "As sales continue to grow and other insurers enter this market, we expect to see an increasing proportion of pre- retirees -- of which there are more than 45 million -- seeking pension-like income, guaranteed by highly rated insurers."

GFI allows policyholders to set an income start date in the future, at which time they will begin receiving guaranteed income payments for the rest of their lives. Between the initial premium date and the income start date, they can continue to purchase more future income by making additional premium payments, and can defer or accelerate their income start date as their personal needs change.

New York Life Insurance Company is a mutual life insurance company.

More information and complete details:

http://www.newyorklife.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))