New York Life Adds Fixed Annuity With Lifetime Withdrawal Guarantee
April 11, 2023 by Allison Bell
Many life insurers have announced plans to shift away from taking on new annuity benefits guarantee risk in recent years.
New York Life is moving in a different direction with the introduction of its Clear Income Advantage annuity.
The product is a fixed deferred annuity with a guaranteed lifetime withdrawal benefit rider. New York Life is including the rider with the contract automatically for purchasers who are ages 75 or younger at the time of purchase, according to a product fact sheet.
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