Secure Term Fixed Annuity V
The New York Life Secure Term Fixed Annuity V is a smart and reliable choice for those planning their retirement. With a variety of interest rate guarantee periods to choose from, you can lock in a beneficial rate for your situation. It offers the flexibility to make annual withdrawals up to 10% of the accumulation value, ensuring you have accessibility to your money.
This annuity steers clear of unnecessary complications with no annual policy maintenance or administration fees. Plus, with automated withdrawals and required minimum distributions, it makes managing your retirement income a breeze. It all comes with the reliability of New York Life, a company holding the highest ratings for financial strength from major independent rating agencies.
Secure Term Fixed Annuity V
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 3 years | 3.7% |
| 4 years | 3.7% |
| 5 years | 3.7% |
| 6 years | 3.7% |
| 7 years | 3.7% |
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.
- $5,000
- Premiums of $1 million or more require NYLIAC approval.
- Additional premiums are not permitted.
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.
Additional features and benefits
- Automated withdrawals
- Automated required minimum distributions (RMDs
Note: TSP funds have to be rolled into an IRA.
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Interest Opportunity Rider | No | |
| Enhanced Beneficiary Benefit Rider | Yes | 0.30% annually |
Waivers
Terminal Illness
The Living Needs Benefit is automatically added to your policy with no additional fee. If you need immediate access to the money in your policy, this rider may give you some flexibility in accessing it, assuming you meet one of the following qualifying events: You are enrolled and living in a health care facility for 60 consecutive days, are diagnosed with a life expectancy of 12 months or less by a licensed physician, have a total and permanent disability that prevents you from performing any work for pay or profit for at least 12 consecutive months. You may be eligible to make a withdrawal or receive the accumulation value with a full or partial waiver of surrender charges, but in order to be eligible, the qualifying event must take place on or after the policy date, and the policy must be in force for at least one year prior to receiving any benefits. This rider is automatically added to all policies with an issue age of 85 and younger. There is a minimum accumulation value of $5,000 to be eligible to receive these benefits. Available in jurisdictions where approved and subject to eligibility requirements. Some states may offer the rider under a different name, and benefits may vary. Benefits do not apply if the policy is annuitized, and benefits are subject to the terms of the rider. Withdrawals may be taxable and, if taken prior to age 59½, may be subject to a 10% IRS penalty. For disability under this rider, withdrawals or full surrenders made. Home Health Care acceptable.
Disability
The Living Needs Benefit is automatically added to your policy with no additional fee. If you need immediate access to the money in your policy, this rider may give you some flexibility in accessing it, assuming you meet one of the following qualifying events: You are enrolled and living in a health care facility for 60 consecutive days, are diagnosed with a life expectancy of 12 months or less by a licensed physician, have a total and permanent disability that prevents you from performing any work for pay or profit for at least 12 consecutive months. You may be eligible to make a withdrawal or receive the accumulation value with a full or partial waiver of surrender charges, but in order to be eligible, the qualifying event must take place on or after the policy date, and the policy must be in force for at least one year prior to receiving any benefits. This rider is automatically added to all policies with an issue age of 85 and younger. There is a minimum accumulation value of $5,000 to be eligible to receive these benefits. Available in jurisdictions where approved and subject to eligibility requirements. Some states may offer the rider under a different name, and benefits may vary. Benefits do not apply if the policy is annuitized, and benefits are subject to the terms of the rider. Withdrawals may be taxable and, if taken prior to age 59½, may be subject to a 10% IRS penalty. For disability under this rider, withdrawals or full surrenders made. Home Health Care acceptable.
- A.M. Best A++
- Fitch AAA
- S&P AA+
- Moody's Aaa
- Comdex 100
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