Guaranteed Future Income Annuity offered by New York Life

Introduction
Type of Product Fixed Annuity
Product NameGuaranteed Future Income Annuity
Offered byNew York Life
Company Info

New York Life Insurance Com... read more

Contact Information
Company OfferingNew York Life
Company TypeInsurance Company
Phone Number800-598-2019
Websitewww.newyorklife.com
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Contact Information Connect with a Financial Advisor
Reviews and Ratings
Average Review

5/5 from 3 Reviews


Product Ratings and Reviews

Rating:
5
Average: 5 (1 vote)

i get a lot of clients asking me about longevity insurance.

the press talks a lot about it, and the treasury department gave the products a big boost recently.

the problem is that there are only a handful of companies offering the products.

new york life has to be considered a leader in this new product area.  the company has always been strong in fixed annuities, so the move into longevity insurance is a natural.

customers also immediately recognize and respect the new york life name.  this is a big deal since someone is handing over a big chunk of money for an insurance company to hold for a long time.

longevity insurance will be a growing market.  more products and companies are needed.  in the meantime, best to stick with known brand names such as new york life.

1,037 reads
Rating:
5
Average: 5 (1 vote)

Longevity annuities are contracts that can last for decades.

A person may buy a longevity annuity well before they retire and have to wait until they are in their 80s to see the benefits.

This is not a criticism.  It is the whole point of the product and the reason they are priced differently than non deferred fixed annuities.

The point is that an insurance company is making a very long-term promise with longevity annuities.  The company needs to be stable and to be around for the very long-term.

You could not find a better company for this than New York Life.

New York Life has been a model of corporate and financial stability for centuries.

How many other financial firms (or any business) can say something similar?

Also, NY Life is not a public company, so unlike public companies such as The Hartford, the company is not subject to short-term desires of large shareholders such as hedge funds.

A long-term commitment such as a longevity annuity requires an insurance company that is able to be around in 50 years.

990 reads
Rating:
5
Average: 5 (1 vote)

This is NY Life's longevity annuity.

The product has been breaking sales records since its release in summer of 2011.

A recent article in the Wall Street Journal said this longevity annuity had 10 times the sales expected by NY Life during the first six months after its launch.

Sales were almost a quarter of a billion dollars over the course of six months.

So much for the slow uptake in longevity annuity sales.

Maybe the results have something to do with the Treasury Department ruling on longevity annuities.

Also could be the strong NY Life captive sales force that is impacting sales traction.

1,108 reads

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