The ongoing decline of both public and private pension plans has afforded life insurers space to offer products that guarantee a person an income stream for life.

New York Life Insurance Company is reporting that its new Guaranteed Future Income Annuity is far exceeding expectations in terms of sales since it was launched on July 11. Chris Blunt, EVP and head of Retirement Income Security, says the $100 million sales estimate for 2011 was shattered in the first ten weeks the new annuity was on the market.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access