New York Life Secure Term Choice Fixed Annuity
Product ID: 210
Type:
Fixed Annuity
0.05%
AM Best:
Moody's:
S&P:
8 Years / 7.00%
Yes
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
(800) 225-5695
E-mail:
Address:
New York Life Insurance and Annuity Corp
Attn: Variable Products Service Center
51 Madison Avenue
New York, NY 10010
Attn: Variable Products Service Center
51 Madison Avenue
New York, NY 10010
In-person:
Questions about enrollment?
View the Contact Information tab on the Vendor Details page for a list of office locations.
View the Contact Information tab on the Vendor Details page for a list of office locations.
- Product Details
- Fees and Charges
This product is only available as a single premium product. No additional or on going contributions are allowed.
Select the topics below to expand and view additional product details
After the first policy year 403(b) loans are available with a 5 year repayment schedule and longer payback period for purchase of a principal residence. The minimum loan amount is $500. However the minimum loan amount is $5,000 for purchase of a principal residence. The maximum loan amount is the lesser of 50% of the policy cash value or $50,000. The policy must have a minimum value of $5,000 after the loan. The loan interest rate charged is 5% (for plans not subject to ERISA) while a 3% interest rate is applied to the outstanding loan balance. While a loan is outstanding, no partial withdrawals or transfer may be made that would reduce the Accumulation Value to an amount less than 125% of the outstanding loan balance.
We notify 403(b) clients as to when Required Minimum Distribuitons (RMDs) are to begin. At that time we ask our clients if they want us to automatically calculate and distribute funds from the particular policy to satisfy RMD requirements.
Riders are amendments to the annuity contract that typically add to your costs. make sure you inquire about any additional costs. The following riders exist for this product:
Multiple Riders Available:
Riders are policy options that provide additional benefits to your annuity. Some are free and automatically included, while others are optional for an additional charge. When you consider an annuity, you should become familiar with the riders available for that product. Please contact your local New York Life Agent for details on the follwoing available riders: Living Needs Benefit/Unemployment Rider, Home Health Care Rider, Enhanced Beneficiary Benefit Rider, Enhanced Spousal Continuance Rider, Interest Opportunity Rider.
Riders are policy options that provide additional benefits to your annuity. Some are free and automatically included, while others are optional for an additional charge. When you consider an annuity, you should become familiar with the riders available for that product. Please contact your local New York Life Agent for details on the follwoing available riders: Living Needs Benefit/Unemployment Rider, Home Health Care Rider, Enhanced Beneficiary Benefit Rider, Enhanced Spousal Continuance Rider, Interest Opportunity Rider.
Payments are made monthly, quarterly,semi-annually, or annually while either the annuitant or the joint survivor is living. Payments do not change and are guaranteed for 10 years even if both the annuitant and joint survivor die sooner. If one or both of the payees lives after the guaranteed period, payments wil continue until the last death.
Life Income--Guaranteed Total Amount. Payments are made for the lifetime of the annuitant. Payments do not change, and are guaranteed until the total amount paid equals the amount placed under this option, even if the annuitant dies sooner
Payments are made during the lifetime of the annuitant. Payments do not change, and are guaranteed for 5, 10, 15, or 20 years, as chosen, even if the annuitant dies sooner.
Upon your request, we will send you your cash value in a lump sum (minus any applicable charges in your policy).
You can elect to receive payments over a fixed period of years. We make the payments for the number of years elected. When asked, we will state in writing what each payment would be, if made every 3 months or 6 months, or once a year.
These rates may change without notice. Contact your provider for the most current rates.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 7.00% |
| 2 | 7.00% |
| 3 | 7.00% |
| 4 | 6.00% |
| 5 | 5.00% |
| 6 | 4.00% |
| 7 | 3.00% |
| 8 | 2.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Percent of contract value:
10.00%
Death:
Yes
