There is a new fixed annuity product from New York Life with only a three year term. Annuity News Journal’s Christi Roberts introduced the product in “New York Life Announces New Terms for Fixed Annuities.” The Secure Term MVA Fixed Annuity is one of five fixed annuities offered by New York Life. In addition to this three year fixed annuity, they also have a five, six, seven and eight year fixed annuity product. Surrender charges will only be applied during the first three years with New York Life’s Secure Term MVA Fixed Annuity, as will the initial interest rate guarantee.
Your tax-deferred annuity rate of 1.15% with the Secure Term MVA Fixed Annuity is guaranteed and is significantly higher than the .69% market rate. There are many great benefits with this fixed annuity, available to non-qualified investors up to age 85. Your growth will be tax-deferred and there is not an automatic reset of the term for withdrawals that you make after you have passed the surrender charge window. Death benefits will be guaranteed to your heirs and New York Life guarantees you lifetime income through asset conversion. The minimum initial investment is $15,000, which is available to you without penalty after three years. After your three year interest rate guarantee is up, a new rate will be based on the fund’s cash value at the yearly anniversary date.
Written by Rachel Summit
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