New York Life Flexible Premium Variable Annuity III
Product ID: 15
Type:
Variable Annuity
$261
0.91%
9 Years / 7.00%
Yes
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Enrollment and Questions
Use the following contact information to enroll or ask questions.
E-mail:
Address:
Website:
Phone:
(800) 225-5695
E-mail:
Address:
New York Life Insurance and Annuity Corp
Attn: Variable Products Service Center
51 Madison Avenue
New York, NY 10010
Attn: Variable Products Service Center
51 Madison Avenue
New York, NY 10010
In-person:
Questions about enrollment?
View the Contact Information tab on the Vendor Details page for a list of office locations.
View the Contact Information tab on the Vendor Details page for a list of office locations.
- Product Details
- Fees and Charges
- Investment Options
This product is a variable annuity which allows freedom of choice for you to decide how to allocate your money based on your investment objectives among a number of investment divisions and a fixed account. When viewing subaccount historical returns be advised that some account returns are based on a prior class of funds (initial class) as product now has service class funds--see local representative for details.
Select the topics below to expand and view additional product details
Each client is required to complete an Investor Profile to determine his or her risk tolerance factors. In addition, the Asset Allocation Tool provides customized Investment Strategy Reports and proposed asset allocations based on client's answers to the Investor Profile. This process will assist you in choosing how to allocate your money in order to best reach your personal financial objectives.
You may want to maintain a particular allocation of your assets in certain Investment Divisions. Since Investment Division values change at different rates, you may need to move money between Investment Divisions to maintain your desired ratio. You don't have to do the calculations or transfers yourself - they can be done automatically. With the Automatic Asset Reallocation feature, New York Life Ins. & Annuity Corp. will make any transfers to bring your distribution back to the allocations that you had selected. This can be done quarterly, semi-annually or annually. Accumulation Value in the Investment Divisions must equal at least $2500. This feature can only be used with the portion of the Accumulation Value in the Investment Divisions, not the Fixed Account.
The Dollar Cost Averaging feature can be used to help protect investments from short-term market fluctuations by providing periodic, automatic transfers between investment options. Dollar Cost Averaging does not ensure a profit, nor does it protect against a loss in a declining market. Since it involves continuous investing regardless of price levels, investors should consider their financial ability to continue to make purchases during periods of fluctuating price levels. If your policy has an Accumulation Value of $2500 or more, you can elect Dollar Cost Averaging and have New York Life Ins. & Annuity Corp. make automatic transfers between Investment Divisions or to the Fixed Account on a monthly, quarterly, semi-annual or annual basis.
After the first policy year 403(b) loans are available with a 5 year repayment schedule and longer payback period for purchase of a principal residence. The minimum loan amount is $500 and the maximum loan amount is the lesser of 50% of the Accumulation Value (AV) of your policy or $50,000 minus your highest outstanding loan balance in the previous 12 months from this policy and any qualified employer plan. A minimum AV of $5000 is required at the time of the loan. For purchases of a permanent residence, the minimum loan amount is $5000. There is a $25 fee for processing the loan. If on the date of the loan you do not have a Fixed AV equal to at least 125% of the loan amount, we will transfer sufficient Accumulation Value from the Investment Divisions on a pro rata basis.
Although not a rider, we do allow hardship withdrawals. Only employee salary reduction contributions may be withdrawn for financial hardship purposes (per 403(b) rules). Completion of our withdrawal form is required. Withdrawals may be subject to any applicable surrender charges. There is no fee charged for hardship withdrawals.
We notify 403(b) clients as to when Required Minimum Distributions (RMDs) are to begin. At that time we ask our clients if they want us to automatically calculate and distribute funds from the particular policy to satisfy RMD requirements.
Riders are amendments to the annuity contract that typically add to your costs. make sure you inquire about any additional costs. The following riders exist for this product:
Under our Living Needs Benefit Rider, if the annuitant enters a nursing home, become terminally ill or disabled (Social Security Disability), you may be eligible to receive all or a portion of the Accumulation Value without paying a surrender charge. The policy must be inforce one policy year and have a minimum cash value of $5000 to exercise the benefits under this rider. There is no charge for this rider. Withdrawls will be taxable to the extent of gain, prior to age 59 1/2 maybe subject to a 10% IRS penalty.
Our Living Needs Benefit Rider, as described above under the Disability heading, includes nursing home and terminal illness features.
Our Living Needs Benefit Rider, as described above under the Disability heading, includes nursing home and terminal illness features.
Annual Death Benefit Reset Rider:
Enhances standard death benefit and is only available at the time of application, in jurisdictions where approved. Upon death the amount will be greatest of 1.the accumulation value, less outstanding loans 2.the adjusted death benefit premium payments or 3. the "reset value" plus any addtional premium payments made since the most recent "reset anniversary", less proportional withdrawals made.
Enhances standard death benefit and is only available at the time of application, in jurisdictions where approved. Upon death the amount will be greatest of 1.the accumulation value, less outstanding loans 2.the adjusted death benefit premium payments or 3. the "reset value" plus any addtional premium payments made since the most recent "reset anniversary", less proportional withdrawals made.
Payments are made monthly, quarterly, semi-annually or annually while either the annuitant or the joint survivor is living. Payments do not change and are guaranteed for 10 years even if both the annuitant and joint survivor die sooner. If one or both of the payees lives after the guaranteed period, payments will continue until the last death.
Life Income--Guaranteed Total Amount. Payments are made for the lifetime of the annuitant. Payments do not change, and are guaranteed until the total amount paid equals the amount placed under this option, even if the annuitant dies sooner.
Payments are made during the lifetime of the annuitant. Payments do not change, and are guaranteed for 5, 10, 15 or 20 years, as chosen, even if the annuitant dies sooner.
We make payment during the lifetime of the annuitant. Payments do not change, and are guaranteed until the total amount paid equals the amount placed under this option, even if the annuitant dies sooner.
Upon your request, we will send you your cash value in a lump sum (minus any applicable charges in your policy).
You can elect to receive payments over a fixed period of years. We make the payments for the number of years elected. When asked, we will state in writing what each payment would be, if made every 3 months or 6 months, or once a year.
Proceeds at Interest & Elected Income Options:
1 - Proceeds at Interest - Policy proceeds may be left with us at interest. We set interest rate each year and credit interest to the amount we still have. You can withdraw funds in the sums of $100 or more. OR we can pay you only the interest periodically. 2 - Elected Income - We make equal payments monthly or less frequently as chosen for an elected period of years or for an elected amount.
1 - Proceeds at Interest - Policy proceeds may be left with us at interest. We set interest rate each year and credit interest to the amount we still have. You can withdraw funds in the sums of $100 or more. OR we can pay you only the interest periodically. 2 - Elected Income - We make equal payments monthly or less frequently as chosen for an elected period of years or for an elected amount.
All 403(b) products contain fees. The amount of fees varies greatly depending on the product. A slight increase in fees can
substantially reduce the growth in your account which will reduce your income in retirement. To learn more about the impact
of fees, and the different types of fees please refer to the
Explanation of Fees piece located in the
Help & Resources.
Fees
|
|
$30.00 | Annually | Flat Dollar Amount | Yes | Yes | Yes |
|
|
$30.00 | At the time of transfer | Flat Dollar Amount | No | No | Yes |
|
|
$25.00 | At the time of loan origination | Flat Dollar Amount | Yes | No | Yes |
|
|
1.30% - 1.40% | Annually | Range of Possible Percentages | Yes | Yes | Yes |
Surrender Charges
| Surrender Period* | Surrender Percentage |
|---|---|
| 1 | 7.00% |
| 2 | 7.00% |
| 3 | 7.00% |
| 4 | 6.00% |
| 5 | 5.00% |
| 6 | 4.00% |
| 7 | 3.00% |
| 8 | 2.00% |
| 9 | 1.00% |
*Expressed in contract years
Exceptions to the Surrender Charge:
Other Restrictions:
Percent of contract value:
10.00%
Death:
Yes
Disability:
Yes
Nursing Home or Other Medical Expenses:
Yes
We will not assess a surrender charge: (a) on amounts withdrawn under the 10% Window or Gain Window; (b) if NYLIAC cancels the policy; (c) when we pay proceeds upon the death of the policyowner or annuitant; (d) when you elect to receive Income Payme
