Is New York Life a good annuity company?
Is New York Life a good annuity company?
#1 in Customer Satisfaction among Individual Annuity Providers. New York Life received the highest score among individual annuity providers in a tie in the J.D. Power 2020 U.S. Life Insurance Study of customers’ satisfaction with annuity providers.
What is the income received from an immediate annuity?
With an immediate annuity, you hand over the principal to an insurance company and in return receive income for life. If you buy the annuity with after-tax money, then a portion of every payout represents a return of your original investment, and a portion is considered to be taxable earnings.
Is New York Life a fiduciary?
As stated earlier, NYLIM is a fee-based firm whose employees can earn compensation beyond client-paid fees. While this fee structure can create a potential conflict of interest, the firm is a fiduciary and must always act in the best interest of the client.
Is income from immediate annuity taxable?
An immediate annuity can be purchased with pre-tax money (qualified annuities) or post-tax money (non-qualified annuities). Qualified annuities are easy — since the money used to purchase the annuity has never been taxed, all the income that it generates in retirement will be taxed at ordinary income tax rates.
Do annuity payments count as income?
When you receive payments from a qualified annuity, those payments are fully taxable as income. That’s because no taxes have been paid on that money. But annuities purchased with a Roth IRA or Roth 401(k) are completely tax free if certain requirements are met.
Are New York Life agents captive?
A captive agent is an agent that generally represents a single life insurance company. Some examples of life insurance companies with large, captive agent field forces include Northwestern Mutual and New York Life.
How strong is New York Life?
New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
What are the disadvantages of an immediate annuity?
Depending on whether the annuity is fixed or variable, immediate annuities can have various drawbacks ranging from loss of purchasing power from inflation (with a fixed annuity), or high fees (with a variable annuity).
