Fixed annuity review and rates
Secure Term Choice Fixed Annuity II
The New York Life Secure Term Choice Fixed Annuity is a single premium deferred annuity. The minimum initial contribution is $5,000 for qualified and non-qualified money. 10% of the accumulated value as of the previous contract anniversary may be withdrawn beginning in contract year one. Systematic withdrawal is an option. The Free Look Period varies by state. This policy has a loan provision for TSA money only.
Minimum initial premium
Minimum initial premium
- $5,000
- $10,000 for Pension plans
- Premiums of $1 million or more require NYLIAC approval.
Please call your representative for current interest rates on premium amounts of $1,500,000 or more.
This product has a Return of Premium Benefit, which allows for a return of at least the premium paid, less any prior withdrawals and/or surrender charges related to withdrawals made before the Return of Premium Effective Date (currently the second policy anniversary for ages 0-85, effective immediately for ages 86-90).
Surrender charges on withdrawals taken on or after the Return of Premium Effective Date (currently the second policy anniversary for ages 0-85, effective immediately for ages 86-90) will never exceed the total interest credited to the policy. Surrender charges are five, six, seven, or eight years in duration and are waived in the event of annuitization, death, disability, diagnosis of a terminal illness, unemployment, or entrance into a health care facility (a state licensed/certified assisted living facility or nursing home).
There are four additional riders; the Enhanced Spousal Continuance Rider, the Enhanced Beneficiary Benefit Rider, the Interest Opportunity Rider and the Home Heath Care Rider. Each rider may not be available in all jurisdictions. Some states may offer the rider under a different name and benefits may vary. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Return of Premium
- Issue age 0-85: effective on second policy anniversary
- Issue age 86-90: effective immediately
Note: TSP funds have to be rolled into an IRA.
Interest Rates
| Guaranteed Years | Surrender Years | Guaranteed Yield | Current Yield |
|---|---|---|---|
| 3 | 3 | 3.25% | 3.25% |
| 3 | 3 | 3.55% | 3.55% |
| 3 | 3 | 3.65% | 3.65% |
| 3 | 3 | 3.9% | 3.9% |
| 4 | 4 | 3.3% | 3.3% |
| 4 | 4 | 3.6% | 3.6% |
| 4 | 4 | 3.7% | 3.7% |
| 4 | 4 | 3.95% | 3.95% |
| 5 | 5 | 3.35% | 3.35% |
| 5 | 5 | 3.65% | 3.65% |
| 5 | 5 | 3.75% | 3.75% |
| 5 | 5 | 4% | 4% |
| 6 | 6 | 3.35% | 3.35% |
| 6 | 6 | 3.65% | 3.65% |
| 6 | 6 | 3.75% | 3.75% |
| 6 | 6 | 4% | 4% |
| 7 | 7 | 3.35% | 3.35% |
| 7 | 7 | 3.65% | 3.65% |
| 7 | 7 | 3.75% | 3.75% |
| 7 | 7 | 4% | 4% |
| 3 | 3 | 3.9% | 3.9% |
| 3 | 3 | 3.65% | 3.65% |
| 3 | 3 | 3.55% | 3.55% |
| 3 | 3 | 3.25% | 3.25% |
| 4 | 4 | 3.95% | 3.95% |
| 4 | 4 | 3.7% | 3.7% |
| 4 | 4 | 3.6% | 3.6% |
| 4 | 4 | 3.3% | 3.3% |
| 5 | 5 | 4% | 4% |
| 5 | 5 | 3.75% | 3.75% |
| 5 | 5 | 3.65% | 3.65% |
| 5 | 5 | 3.35% | 3.35% |
| 6 | 6 | 4% | 4% |
| 6 | 6 | 3.75% | 3.75% |
| 6 | 6 | 3.65% | 3.65% |
| 6 | 6 | 3.35% | 3.35% |
| 7 | 7 | 4% | 4% |
| 7 | 7 | 3.75% | 3.75% |
| 7 | 7 | 3.65% | 3.65% |
| 7 | 7 | 3.35% | 3.35% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Interest Opportunity Rider | No | None |
| Enhanced Beneficiary Benefit Rider | Yes | 0.30% annually |
New York Life Insurance and Annuity Corporation
Founded:
1845
A.M. Best:
A++
Fitch:
AAA
S&P:
A++
Moody's:
Aaa
Brochure
Free withdrawal
10%
Types of funds
Non-Qualified, Profit Sharing, IRA, Spousal IRA, Pension, IRA Rollover, 401a, IRA Transfer, TSA 403b, SEP IRA, KEOGH, 457 plan, Inherited IRA, and TSP