Secure Term Fixed Annuity V
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Learn how an annuity can provide guaranteed income for life.
Key Takeaways
- The Secure Term Fixed Annuity V offers a range of interest rate guarantee periods from three to seven years.
- Minimum initial premium of $5,000 with no additional premiums permitted.
- It provides withdrawal options, minimum withdrawal amount is $100, and accumulation value may not fall below $2,000 due to partial withdrawal.
- Withdrawals over free withdrawal amount attract surrender charges.
- It has features such as automatic withdrawals and required minimum distributions.
- The annuity comes with Enhanced Beneficiary Benefit Rider not available on Traditional IRA, Roth IRA, Inherited IRA, and SEP IRA policies.
Pros and Cons of Secure Term Fixed Annuity V
Pros
- The product allows interesting options such as automatic withdrawals and indexed growth.
- It offers a range of interest rate guarantee periods.
- Offers financial strength backed by all four major independent rating agencies.
Cons
- No additional premiums are permitted after the initial premium.
- There are certain restrictions on the availability of the Enhanced Beneficiary Benefit Rider.
- Surrender charges are applicable on withdrawals over the free withdrawal amount.
The New York Life Secure Term Fixed Annuity V allows you to lock in an attractive interest crediting rate for a selected period of time. You may choose from a range of interest rate guarantee periods, including three, four, five, six, or seven years.
Issue ages
Issue ages
- Non-tax qualified and Inherited IRA: 0–85
- Tax qualified: 18–85 Tax-qualified retirement plans already provide tax deferral under the Internal Revenue Code, so the tax deferral of an annuity does not provide any additional benefit.
Minimum initial premium
- $5,000
- Premiums of $1 million or more require NYLIAC approval.
- Additional premiums are not permitted.
Please call your representative for current interest rates on premium amounts of $1,500,000 or more.
Withdrawal options
- Minimum withdrawal amount is $100.
- The accumulation value may not fall below $2,000 due to a partial withdrawal.
- Each policy year, you may withdraw the greatest of:
- 10% of the accumulation value as of the previous anniversary.
- 10% of the current accumulation value.
Withdrawals over the free withdrawal amount are subject to surrender charges.
Additional features and benefits
Additional features and benefits
- Automated withdrawals
- Automated required minimum distributions (RMDs
The Enhanced Beneficiary Benefit Rider is not available on Traditional IRA, Roth IRA, Inherited IRA, and SEP IRA policies. This rider will end if the policy is surrendered, if the income payments have begun, if ownership is transferred, or if the policy owner’s spouse continues the policy upon the policy owner’s death.
Note: TSP funds have to be rolled into an IRA.
Note: TSP funds have to be rolled into an IRA.
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 4.25% |
| 4 years | 4.15% |
| 5 years | 4.05% |
| 6 years | 4% |
| 7 years | 3.95% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Interest Opportunity Rider | No | |
| Enhanced Beneficiary Benefit Rider | Yes | 0.30% annually |