Submitted by Anonymous on
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.
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