New York Life - Secure Term MVA Fixed Annuity II 3 Review

new york life secure term ii

The New York Life Secure Term MVA Fixed Annuity II 3 is a fixed interest deferred annuity that provides compounded, tax-deferred growth. Your interest rate is determined at contract issue and does not change during the guaranteed period. New York Life also offers a 7 year rate guarantee, a 6 year rate guarantee, a 5 year rate guarantee, and a 4 year rate guarantee.

Secure Term MVA Fixed Annuity II Highlights:

Frequently Asked Questions About the Secure Term MVA Fixed Annuity II:

Q: Does the interest compound? A: Yes.

Q: Is the interest taxed? A: The interest you leave in the account grows tax-deferred until you withdraw it. That interest is not taxed within the annuity. This is an advantage over interest you earn on a bank CD which is taxed each year even if you leave it in the CD.

Q: Are there any fees? A: No. There are no upfront sales charges or ongoing maintenance fees.

Q: Is it FDIC insured? A: No. FDIC insurance is only for bank deposits. Fixed annuities are guaranteed by the issuing insurance company.

Q: What are the early surrender charges? A: The early surrender charges only apply to withdrawals which are greater than the 10% annual penalty-free amount. If surrender charges apply, they start at 7% and decline to 0% after the 3rd year. The schedule is 7%, 7%, 7%, 0%.

Q: What penalty-free withdrawals are available? A: You can setup monthly withdrawals of interest starting in the first month. You can also withdraw up to 10% of your accumulation value each year without any penalties.

Q: If I withdraw more than the penalty-free amount, will a Market Value Adjustment (MVA) be applied? A: Yes. You can read more about market value adjustments here.

Q: What happens after the initial 3 year rate guarantee period? A: You have a 30 day window to do whatever you want with the full cash value any penalties. You can remove all of it or let your cash balance roll over into a new 3 year rate guarantee period.

Q: What happens to the money in my account if I die? A: Your beneficiaries will receive the full accumulation value.

Q: How do I apply? A: Start by calling 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.

Q: What is the minimum premium? A: $15,000

Q: Are there any age restrictions? A: Yes. You can purchase this annuity up to age 85. In some states the age requirements may differ.

Q: In which states is the Secure Term MVA Fixed Annuity II annuity available? A: The Secure Term MVA Fixed Annuity II annuity is not available in all states. Call 800-872-6684 to find out if it's available in your state.

To review the Multi-Select annuity with an agent or to receive a free personalized illustration call 800-872-6684 or fill in the "Get My Free Quote" form in the upper right section of this page.

Read more about New York Life's Secure Term MVA Fixed Annuity II on the New York Life site.

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