- 15,041
I know a quick way to find out...
- 8,707
Is that a first year rate with Bonus? Is it a true no surrender charge product or does it have built in ROP which really is only a benefit in the first couple of years.
- 10,589
I dont have a rate sheet downloaded at the moment; so I will have to check on the rate, but ROP is standard on their fixed annuities.
There is still a surrender charge in the first x number of years, but its never less than your premium; NYL does not offer bonuses on their FAs.
Our GA just got appointed with NYL and I am very excited to be able to offer their FAs again after being away from the company for a few years now. (their VAs suck)
Its by far one of the most competitive FAs on the market.
There is still a surrender charge in the first x number of years, but its never less than your premium; NYL does not offer bonuses on their FAs.
Our GA just got appointed with NYL and I am very excited to be able to offer their FAs again after being away from the company for a few years now. (their VAs suck)
Its by far one of the most competitive FAs on the market.
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Where do you see 3.2%? I could only find this:
https://www.newyorklifeannuities.co...toid=512893847d00a210VgnVCM100000ac841cacRCRD
7 year surrender for $100k+ is 2.85%. Other companies are paying much more than that...is it worth giving up 1% for an A++ rating?
https://www.newyorklifeannuities.co...toid=512893847d00a210VgnVCM100000ac841cacRCRD
7 year surrender for $100k+ is 2.85%. Other companies are paying much more than that...is it worth giving up 1% for an A++ rating?
- 10,589
Their rates suck at the moment, but so does the economy & interest rates in general; they are not in need of the business that the lesser rated companies are. So basically they can afford to not be competitive right now.
But that does not mean that they are not competitive at times.
While their rates are not good at the moment, I remember back in 07' they had some of the top fixed rates for almost the whole year.
Like everything else, it changes with the times. Its one of the strongest fixed products on the market and you never know when they will have the top interest rates again.
I would guess that they will get competitive again when the Fed raises rates up from virtually nothing. If you dont need the revenue, it makes no sense to bring in a lot of business right now.
- 10,589
Very true, they have a very strong SPIA (GLI in NYL speak)
They used to have a very misleading mailer that they would push agents to send out.
It listed the current "payout rate" for the SPIA. Note that I did not say interest rate.
And of course the payout rate is always higher than the credited interest rate (back when I was there it was around 8% if I remember correctly).
The flyer said X% guarantee payout rate; so it was very effective to get people to respond to the flyer..... but of course everyone looked at the rate and not the term and just assumed that it was a true interest rate.... you can imagine how those conversations went...
