Annuitization Guide

When is a Policy Eligible for Annuitization?

• A policy must be active for one full policy year from issue before it can be annuitized.
• The policy must have a minimum value of $5,000.

What Annuitization Options are Available for My Client?

• Income for an Elected Period (2-30 Years)
• Income for an Elected Amount
• Life Income Guaranteed Period (5, 10, 15, 20 years)
• Life Income Guaranteed Total Amount (Life with Installment Refund)
• Life Income Joint & Survivor

Annuitization Option Descriptions

Note: When choosing a Period Certain option, the period may not exceed the annuitant(s) life expectancy.

Income for an Elected Period - Period Certain (For Individuals and Non-Living Entities)

• A requested period (between 2–30 years) in which to receive payments.
  
• You cannot request a partial withdrawal from this settlement type, but you may choose to withdraw the entire amount remaining at any time.

Income for an Elected Amount (For Individuals and Non-Living Entities)

• A requested dollar amount to be paid (i.e. $500 per month) periodically until the entire amount placed in the settlement has been distributed.
  
• You cannot request a partial withdrawal from this settlement type, but you may choose to withdraw the entire amount remaining at any time.

Life Income: Guaranteed Period (For Individuals Only)

• Choice to receive equal fixed payments for the rest of the annuitant's life, guaranteed for 5, 10, 15, or 20 years, as selected by the owner.
  
• Once this option is elected, you will not be able to withdraw any amount from the settlement, whether a partial or full withdrawal, other than periodic payments.

Life Income: Guaranteed Total Amount (For Individuals Only)

• Choose to receive equal fixed payments for the rest of the annuitant's life. The system calculates the period based on the frequency elected.
  
• Once this option is elected, you will not be able to withdraw any amount from the settlement, whether a partial or full withdrawal, other than the periodic payments.

Life Income: Joint & Survivor Guaranteed Period (For Individuals Only)

• This option guarantees lifetime income for annuitant and their co-payee. The joint payee does not need to be a spouse. The payments will continue while one or both of the payees are living. If one payee dies, the payments will continue to the surviving payee. You may choose a guaranteed period of 10 or 20 years.
  
• Once this option is elected, you will not be able to withdraw any amount from the settlement, whether a partial or full withdrawal, other than the periodic payments.

How do I Request an Annuitization Quote for my Client?

Please follow these steps to request an annuitization quote for your client.

• Call our Annuity Service Center at 1-800-762-6212.
  
• Please provide the Representative with the following information:
• Client's Name
• Client's Policy Number
• Annuitization option(s)
• Start Date
• Frequency (monthly, quarterly, semi-annually, annually)
• Where to send the quote (email, fax, or mail)
• For joint survivor quotes, we also need the joint annuitant's gender and date of birth

Important Restrictions

• A policy must be active for one full policy year from issue before it can be annuitized.
• The policy must have a minimum value of $5,000.
• Quotes cannot exceed one year from the date the request is submitted.
• In order to receive your quotes in a reasonable time please limit quote requests to 5 per client at a time.

New York Life fixed annuities are issued by New York Life Insurance and Annuity Corporation (NYLIAC), A Delaware Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.

For Agent Internal Use Only