New York Life Insurance Company issued a press release about their number one status with women purchasing annuities. In “New York Life is Top Provider of Retirement Income for Women,” they reveal that they were the top seller of immediate fixed annuities to women last year. Of their $1.9 billion in sales, women accounted for sixty-four percent of that. That’s not really a surprise since New York Life was the first company to offer women life insurance at the same cost as men back in 1894. Women know that New York Life is a strong and trusted company, so they often choose to secure their future with them.
Women can be at a greater risk of outliving their money than men because of their increased life expectancies and the loss of traditional pensions. They used to be advised to invest in risky products so that they could make enough money to finance retirement, but these strategies proved dangerous and too risky. Many women choose 401k annuities to purchase with retirement income that they have built up over their careers. With lower cost and risk and no chance of outliving your annuity payments, women tend to find annuities as safe alternatives to other investment options.