DISCONTINUED PRODUCT - Product not available to new enrollees.
New York Life Flexible Premium Fixed Annuity
Product ID: 50
Type:
Fixed Annuity
Discontinued 
1%
AM Best:
Moody's:
S&P:
9 Years / 7.00%
Yes
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Address: - Product Details
- Fees and Charges
This product is a fixed annuity which means a fixed interest rate is credited to premiums paid.
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.
Although not a rider, we do allow hardship withdrawals. Only employee salary reduction contributions may be withdrawn for financial hardship purposes (per 403(b) rules). Completion of our withdrawal form is required. Withdrawals may be subject to any applicable surrender charges. There is no fee charged for hardship withdrawals.
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:
Under our Living Needs Benefit Rider, if you enter a nursing home, become terminally ill or disabled (Social Security disablity), you may be eligible to receive all or a portion of the accumulation value without paying a surrender charge under our Living Needs Benefit Rider. Policy must be inforce one policy year and have a minimum cash value of $5,000 to exercise the benefits under this rider. There is no charge for this 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.
We make payment during 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.
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.
Proceeds at Interest & Elected Income Options:
1-Proceeds at Interest-Policy proceeds may be left with us at interest. We set interest rate each year and credit interest to the amount we still have. You can withdraw funds in the sums of $100 or more. OR we can pay you only the interest periodically. 2-Elected Income-We make equal payments monthly or less frequently as chosen for an elected period of years or for an elected amount.
1-Proceeds at Interest-Policy proceeds may be left with us at interest. We set interest rate each year and credit interest to the amount we still have. You can withdraw funds in the sums of $100 or more. OR we can pay you only the interest periodically. 2-Elected Income-We make equal payments monthly or less frequently as chosen for an elected period of years or for an elected amount.
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.
Fees
|
|
$30.00 | Annually | Flat Dollar Amount | Yes | Yes | Yes |
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% |
| 9 | 1.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Percent of contract value:
10.00%
Death:
Yes
Disability:
Yes
Nursing Home or Other Medical Expenses:
Yes
For Nursing Home or Other Medical Expenses exception, see description of our Living Needs Benefit Rider in the Product Features section. OTHER EXCEPTIONS:
1--When a Required Minimum Distribution (RMD) calculated based on the value of this pol
