New York Life Insurance has introduced a new income annuity product, Mutual Income, which enables the clients to directly take part in the firm’s mutual structure.
The company has also enhanced its income annuity options available on tax-qualified savings that will help to meet the growing demands of retirees and pre-retirees.
New York Life managing director Dylan Huang said: "New York Life’s agents represent the market leader in income annuities, and they have worked with hundreds of thousands of Americans as they prepare to turn their hard earned retirement savings into income.
"With the launch of New York Life Mutual Income Annuities and the availability of our deferred income annuities as qualifying longevity annuity contracts (QLACs), we are giving pre-retirees and retirees the guarantees they want and the ability to customize retirement income to meet their needs."
The new income annuity is similar to a traditional income annuity, where income can begin immediately or be deferred until a future start date of the client’s choosing.
Client will invest a lump sum with an insurer, and receives an income stream that’s guaranteed for life.
The total income amount is not capped at the guarantee and clients will be eligible for annual dividends, which can be used to increase their retirement income beyond the guaranteed amount.
In July, New York Life completed the acquisition, through reinsurance, of a net 60% interest in John Hancock Financial’s closed block, comprised primarily of participating whole life insurance policies.
New York Life’s family of companies provides life insurance, retirement income, investments and long-term care insurance services.