Frequently Asked Questions

Find information related to policies, beneficiaries, licensing, account servicing and more below.

If you need further assistance, please call our Service Center at (800) 762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

Financial Advisors
Individuals

Submitting New Business

If you're a Financial Professional who would like to be appointed with New York Life Insurance and Annuity Corporation, please visit our Get Appointed page.

With respect to retail annuity products, you must always be licensed and appointed in (1) the state where you solicit the sale, (2) the application is signed and (3) where the contract is delivered. The application must match the contract state (the state of issue). The contract state/state of issue must match the owner’s address of record under the contract

Note: address of record must equal the policy delivery state, which could be home, work, vacation home, business location, etc. The address of record determines which state's application is used, where the policy is issued, and where policy must be delivered.

To check your current status with New York Life Annuities, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m. Visit the Product Training page to learn about Product and State requirements.

You can find applications for New York Life annuity products on our Literature page. Please check your own firm's requirements before submitting paperwork.

For mailing addresses and fax information, visit our Contact page.

After completing the Advisor Login process, you will see a link to "Illustrations" on the page. If your firm does not run their own illustrations, you can contact the New York Life Sales Desk at 1-888-474-7725.

Checklists to help you with new business submissions:

If you have additional questions after an application has been submitted, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

Policies with premium amounts of $1 million or more require prior approval from a designated New York Life officer. We will need a completed large case annuity questionnaire signed by you and the client as well as 1 year’s worth of financial statements showing source of funds. Contact the New York Life Sales Desk prior to submitting the application, 1-888-474-7725.

You can view application status information online. To register for an account or log in, please visit Advisor Login and follow the prompts for New User Registration.

If you have additional questions, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

To learn the tracking status of a Welcome Kit, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

To access your client contract information, click Advisor Login here or in the main menu and follow the prompts to log in or register for an account.

Servicing Existing Accounts

To access your client contract information, click Advisor Login here or in the main menu and follow the prompts to log in or register for an account.

If you have any challenges logging in or registering for an account, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

The Telephone/Web Authorization allows you to request certain transactions, such as partial distributions/withdrawals over the phone or through the Book of Business link that is located on the home page, right hand side. Your client must complete the Telephone/Web Authorization form giving you the ability to request transactions on their policy.

You can find service forms, including Beneficiary Change or Address Change forms, on our Literature page.

If you have additional questions, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

You can submit a letter notifying New York Life of the change signed by the client with a copy of the client’s Social Security card. The client can also submit a completed IRS form W-9, which can be downloaded at IRS.gov, or you may contact the New York Life Service Center, 1-800-762-6212.

You can view status information for transfer of funds requests online. To register for an account or log in, please visit Advisor Login.

If you have additional questions, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

You can view status information for death claims online. To register for an account or log in, please visit Advisor Login.

If you have additional questions, please contact the Service Center at 800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m.

Confusion may arise when an annuity surrender charge schedule ends. Annuity owners may be well versed in bank certificates of deposits (CDs) and may assume that annuities mature similarly to CDs. Like all the material differences between the products, a Fixed Deferred Annuity’s surrender charge period is not comparable to a CD maturity date.

Upon the expiration of bank CDs there is usually a grace period of 7–10 days during which the client may withdraw the funds, or purchase a new CD, or rollover the current CD at the prevailing rate.

When a New York Life Fixed Annuity reaches the end of the surrender charge schedule it works quite differently. First and foremost, it is important to understand that once the surrender charge schedule is over it will never “rollover” or “reset.” Therefore, as per their Policy, when the surrender charge schedule ends:

The clients’ funds are fully liquid and will remain so for as long as the annuity remains in effect: no further surrender charges will apply. (Client may have tax penalties for withdrawing funds from an annuity prior to age 59½)
The client will receive a new rate on every anniversary going forward
That new rate will be at least the Guaranteed Minimum Interest Rate (GMIR) or higher
The client may not choose between any other terms or rates*

For further information on current rates please contact our Customer Service Center at 800-762-6212.

*The interest rate is an effective annual yield based upon a nominal rate which is compounded daily. After the initial interest rate guarantee period, the policy will receive a renewal interest rate that is guaranteed for one year. The crediting rate will not be less than the GMIR stated in the policy. Rates are subject to change at any time. Renewal rates will never be less than the Guaranteed Minimum Interest Rate (GMIR) declared when the policy was issued. New York Life Fixed Annuities are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Ave, New York, NY 10010. All guarantees are backed by the claims-paying ability of the issuer.

We require a notarized Power-of-Attorney for the Attorney-in-Fact and court order granting Conservatorship for the Conservator.

Account Support

To access your policy information, click on Individuals in the main menu and then click on “Access Your Account”. You will need a Username and Password to access your policy. If you are accessing your policy online for the first time, click on the button that says "New User Registration” and follow the prompts. You will have to enter your last name, your Social Security number, and date of birth. If you have any challenges logging in or registering for an account, please call the Service Center at 1-800-762-6212, Monday through Friday from 8:30 a.m. to 5:30 p.m. Eastern Time.

You can view policy information, statements, and transaction history. If you have previously submitted a Telephone/Web Authorization form, you will also have the ability to change your address, request a partial withdrawal, or request a one-time variable sub account transfer.

Yes, if we receive a notarized Power-of-Attorney for the Attorney-in-Fact or court order granting Conservatorship for the Conservator.

You can name individuals or entities, such as Trusts and Corporations, as beneficiary on your annuity. Beneficiaries can be classified as Primary Beneficiaries (first class) or Contingent Beneficiaries (second class). A percentage for each beneficiary named is required if two or more beneficiaries are named in the same class.

You may change your address over the phone, online, or by submitting a completed Annuity Service Form.

You (the policyowner) may change your beneficiaries at any time while your contract is in force. To update your beneficiaries, submit a completed Owner/Beneficiary Change form. We will record the change effective as of the date your form was signed.

Contact the NYL Annuity Service Center upon the death of an owner or annuitant. Provide the date of death and Beneficiary contact information if available. You can download a kit with instructions or request it when contacting the Service Center.

No, an original death certificate is not required. A copy of the death certificate can be used to process a claim.

We require the policyowner's original death certificate and a copy of the Letters Testamentary granted by a local court.

Contingent beneficiaries (second class) receive death benefits if there are no surviving primary beneficiaries (first class) at the time the death benefit becomes payable.

About Annuities

Qualified annuities are retirement accounts such as IRAs and are typically purchased with pre-tax dollars. Distributions made from Qualified annuities are 100% taxable, as both the original principal you invested and the earnings are subject to taxes. Non-qualified annuities are funded with after-tax dollars. Generally, only the earnings are taxable when distributions are made from non-qualified annuities. The portion that is considered a return of your original principal is not subject to taxes.

Surrender charges are back-end fees calculated as a percentage of the amount withdrawn that is in excess of your surrender free amount. These charges decline to zero over a period of time. After the surrender charge period is over, your full accumulation value may be available to you without any surrender charges.

The Internal Revenue Service generally requires that you withdraw a minimum amount from your IRA or retirement plan account each calendar year once you reach a certain age. The SECURE Act changed the RMD age to 72 for participants born on or after July 1, 1949. SECURE 2.0 further changed the age to 73 for participants born in 1951 (age 72 in 2023). Starting in 2033, the relevant age is scheduled to be age 75.

New York Life Fixed Deferred Annuities pay effective annual interest rates. The effective annual rate is the rate of interest that accounts for the effect of daily compounding over a year. The nominal interest rate is the rate of interest without the full effect of compounding.