New York Life Premier Variable Annuity—P Series, with Investment
Preservation Rider—P Series Now Available through Fidelity Investments;
Helps Investors Stay in Market without Fear of Loss
BOSTON–(BUSINESS WIRE)–Fidelity Investments® today announced the launch of a new
deferred variable annuity product that provides investors with growth
potential while ensuring guaranteed principal protection. Developed with
New York Life, the New York Life Premier Variable Annuity—P Series, with
Investment Preservation Rider—P Series also offers market participation
with downside protection through a simpler product design relative to
other annuities currently offered in the marketplace.
“We want to offer investors a product that is simple and easy to
understand, while also providing confidence during periods of market
volatility,” said Bill Johnson, president of Fidelity Investments Life
Insurance Company.
In fact, a study recently conducted by Cannex on behalf of New York Life
confirms that this type of annuity can provide a competitive guarantee
relative to other products protecting investors’ principal from loss,
while still allowing a chance for growth. In addition, the new product
has the added benefit of having an easy to understand pricing structure,
as well as a potentially higher upside to market participation.
“We’ve observed there is a fundamental disconnect between pre-retirees’
risk tolerance and risk need. Fear of losing their hard-earned nest eggs
has driven their underinvestment in equities, leaving many to fall short
of their retirement goals,” said Dylan Huang, senior managing director &
head of Retail Annuities, New York Life. “This new solution empowers
clients to plan for retirement confidently, knowing that 100 percent of
the money invested is protected against market declines over a 10-year
period.”
With the introduction of this product, Fidelity Investments and New York
Life continue to build on their successful partnership. Fidelity already
offers several New York Life annuity products to help investors meet
their retirement and investment goals, including the New York Life
Guaranteed Lifetime Income Annuity II, New York Life Guaranteed Future
Income Annuity II, New York Life Clear Income Fixed Annuity – FP Series,
New York Life Guaranteed Period Income Annuity II, and New York Life
Secure Term MVA Fixed Annuity IV.
To learn more about annuities and how they can fit into your overall
financial plan, visit https://www.fidelity.com/annuities/overview
or speak with a Fidelity annuity planning consultant directly at
800-345-1388.
About Fidelity Investments
Fidelity’s mission is to inspire
better futures and deliver better outcomes for the customers and
businesses we serve. With assets under administration of $7.4 trillion,
including managed assets of $2.7 trillion as of March 31, 2019, we focus
on meeting the unique needs of a diverse set of customers: helping more
than 30 million people invest their own life savings, 22,000 businesses
manage employee benefit programs, as well as providing more than 13,500
financial advisory firms with investment and technology solutions to
invest their own clients’ money. Privately held for more than 70 years,
Fidelity employs more than 40,000 associates who are focused on the
long-term success of our customers. For more information about Fidelity
Investments, visit www.fidelity.com/about.
Before investing, consider the investment objectives, risks, charges,
and expenses of the annuity and its investment options. Contact Fidelity
for a prospectus or, if available, a summary prospectus containing this
information. Read it carefully.
Investing in a variable annuity involves risk of loss—investment
returns and contract value are not guaranteed and will fluctuate.
The Investment Preservation Rider (IPR) does not protect the account
value from day-to-day market fluctuations or against losses that could
be realized before the completion of the holding period. That means the
rider will not provide a benefit if the policy is not held for the
entire holding period after it is elected or reset. Withdrawals reduce
the IPR guaranteed amount proportionally, which may be more than the
actual dollar amount withdrawn; so the rider is not intended for clients
who anticipate taking substantial withdrawals (including IRS required
minimum distributions) before the completion of the IPR holding period.
Tax-qualified plans already provide tax deferral; a variable annuity
will not provide additional tax advantages. As variable annuities offer
investment and insurance features, they may be subject to fees to which
other tax-qualified funding vehicles are not.
Withdrawals of taxable amounts from an annuity are subject to
ordinary income tax and, if taken before age 59½, may be subject to a
10% IRS penalty. Surrender charges may also apply.
Issuing company: New York Life Insurance and Annuity Corporation
(“NYLIAC”), a Delaware Corporation. NYLIFE Distributors LLC, a limited
liability company organized under Delaware law and member FINRA/SIPC, is
the wholesale distributor and underwriter for these products. Both
NYLIAC and NYLIFE Distributors LLC are wholly owned subsidiaries of New
York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
Variable annuities are only offered through properly licensed registered
representatives of registered broker dealers. In most jurisdictions, the
policy and rider form numbers are as follows (state variations may
apply): New York Life Premier Variable Annuity—P Series (ICC18V-P05 or
it may be NC18V-P05); Investment Preservation Rider—P Series (ICC18V-R04
or it may be NC18V-R04). Some states may offer this rider under a
different name, and benefits may vary.
Fidelity Brokerage Services, Member NYSE, SIPC, and Fidelity
Insurance Agency, Inc., are the distributors; they are not affiliated
with any New York Life Insurance Company. The contract’s
financial guarantees are solely the responsibility of the issuing
company.
Fidelity Investments and Fidelity are registered service marks of FMR
LLC.
Fidelity Brokerage Services LLC, Member NYSE, SIPC
900
Salem Street, Smithfield, RI 02917.
884631.1.0
© 2019 FMR LLC. All rights reserved
Contacts
Corporate Communications
(617) 563-5800
[email protected]
Ted Mitchell
[email protected]
(401)
292-3084
