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Best Guaranteed Annuity Rates
2-Year
5.70%
3-Year
6.25%
5-Year
6.50%
7-Year
5.85%
10-Year
5.80%

Secure Term Fixed Annuity V

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Learn how an annuity can provide guaranteed income for life.

Highlights

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.
Premium Type
Single Premium
Min age Qualified
18
Max age Qualified
85
Minimum Contribution
$5,000
Maximum Contribution
$3,000,000
Market value adjustment
Return of premium
Free withdrawal
10%
Types of funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, Inherited IRA, and TSP
Brochure
Open brochure

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 
  • 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 
  • 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.

Find out if the Secure Term Fixed Annuity V is the right product for you.

MYGA Interest Rates

Term
Rate
Annual percentage yield (APY)
earned over the investment term
3 years 4.05%
4 years 3.95%
5 years 3.85%
6 years 3.8%
7 years 3.75%

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.

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