Company Information
Company Name
New York Life
Product Name
New York Life Secure Term MVA 7
Description
The Secure Term MVA 7 is a single premium, fixed annuity with a seven-year rate guarantee. After 7 years, owners have a 30-day window to withdraw, transfer, or reinvest their full account value. If no action is taken a new term will begin with a new surrender schedule.
There are three rate bands with different guaranteed interest rates. The low band is for amounts between $5,000 – $49,999 – mid band is $50,000 – $99,999 – and the highest band with the highest rates is for deposits between $100,000 – $1,500,000.
There are no surrender penalties at death. Both qualified and non-qualified funds are accepted.
AM Best Rating
A++
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
10% / 10%
Rate
4.90%
Term
7 Years
Minimum Investment
$ 100,000
Maximum Investment
$1,500,000 without prior approval
Maximum Age
85
Surrender Schedule
7%, 7%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Offered from an A++ rated insurance company and includes 10% free withdrawals in all years. Different rate bands available for different deposit amounts. Free living benefit / unemployment rider.
Notable Features
At no additional cost, a Living Needs Benefit / Employment Rider is included. Under certain qualifying events, owners can withdraw a portion or the entire account without surrender charges. Optional (at cost) riders include Enhanced Beneficiary Benefit (EBB) and Enhanced Spousal Continuance (ESC) riders.
Other Popular Products
NY Life is a well-diversified insurance and investment firm. Beyond annuities, they are well known for life insurance, long term care, and disability plans for individuals and employer groups.
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About New York Life Insurance Company
Founded in 1845, New York Life is America’s largest mutually held life insurance company. This means it is not publicly traded, rather its policyholders own it collectively. This also means they pay dividends to their customers who own certain policies.
NY Life boasts an A++ rating with AM Best, which is the highest available. They are well-diversified offering Insurance, Investments, Retirement, and Advisory Services for individuals, families, and businesses across the US.