New York Life Secure Term MVA II 5
Current Fixed Rates
| 5.00% | $100,000 | — | $1,500,000 |
| 4.75% | $50,000 | — | $99,999 |
| 4.55% | $25,000 | — | $49,999 |
| 4.35% | $5,000 | — | $24,999 |
The New York Life Secure Term MVA II 5 is a single-premium, fixed annuity with a five-year rate guarantee. After five 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 four rate bands with different guaranteed interest rates. The low band is for amounts between $5,000 and $24,999; the mid-low band is for amounts between $25,000 and $49,999; the mid-high band is for amounts between $50,000 and $99,999; and the highest band, with the highest rates, is for amounts between $100,000 and $1,500,000.
There are no surrender penalties at death. NY Life accepts several types of qualified accounts, like Traditional, Spousal, Inherited, Roth, Transfer, and Rollover IRA accounts. Non-qualified funds and 1035 tax-free exchanges are also accepted.
More Annuity options from: New York Life
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.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
5 Years
Free Withdrawals Yr1 / Yr2+
10% / 10%
Additional Withdrawal Information
Each policy year, owners can withdraw the greater of 10% of the accumulation value as of the last policy anniversary, 10% of the current accumulation value, or 100% of the earned interest gains. This policy is RMD -friendly for IRA owners. RMD are not subject to surrender penalties or negative MVA charges.
Surrender Schedule
7%, 7%, 7%, 6%, 5%, 0%
Maximum Age
85
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
What We Like About This Annuity
This fixed annuity is offered by an A++ rated insurance company, and it includes 10% free withdrawals in all years. Different rates are available for lower deposit amounts. There is also a free living benefit/unemployment rider for additional liquidity.
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.
About New York Life
New York Life
AM Best Rating: A++ Superior (1st of 13 ratings)
https://www.newyorklife.com/
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; its policyholders collectively own it. This also means they pay dividends to their customers who own certain types of insurance policies.
NY Life boasts an A++ rating with AM Best, which is the highest available. They have a 100 Comdex score and carry an AA+ with Standard & Poor’s, AAA with Fitch, and Aa1 with Moody’s.
NYL is a well-diversified company offering Insurance, Annuity Investments, Retirement, and Advisory Services for individuals, families, and businesses across the US.