NYLI launches five-year fixed annuity

New York Life Insurance Co. has introduced a five-year fixed annuity with a five-year interest rate guarantee. The Select 5 fixed-interest annuity is a single-premium product that is guaranteed for five years. At the end of that period, clients get full access to their money. Among the features of the new product, clients are permitted to make 10% withdrawals free of surrender charges during the first five years of the annuity. Consumers can also get a guaranteed death benefit for their heirs and create an income stream. Additionally, there is a 100%-money-back premium guarantee, less any withdrawals. Money grows inside the annuity on a tax-deferred basis. Investors must have a minimum of $5,000 to participate.