CUSIP Number:
64952V725
CUSIP Name:
5 Year Annuity
Product Policy Type:
Fixed Annuity
Inception Date:
Close Date:
CUSIP Note:
Scrap Book:
The New York Life Select 5 Fixed Annuity is a single premium deferred annuity. The minimum initial contribution is $5,000 for qualified and non-qualified money. 10% of the accumulated value as of the previous contract anniversary may be withdrawn beginning in contract year one. Systematic withdrawal is an option. The Free Look Period varies by state. This policy has a loan provision for TSA money only. Upon surrender of the contract, the amount paid is guaranteed to be at least the premium payment reduced by any previous partial withdrawals. Surrender charges are five years in duration (8,7,6,5,4) and are waived in the event of annuitization, death, disability, diagnosis of a terminal illness, unemployment, or entrance into a nursing home. There are two additional riders; the Enhanced Spousal Continuance Rider and the Enhanced Beneficiary Benefit Rider. These riders are not available in NY, NJ, or WA. There is a return of premium which guarantees that the cash value will never be less than 100% of the premium payment, less withdrawals. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Last Modified:
01 Aug 2023 09:50