New York Life Insurance and Annuity Corp. announced Thursday that it has added a feature to its MainStay Lifetime Income Annuity, allowing customers to customize their retirement income stream.
The feature, called the "changing needs option," adds longevity protection to this immediate annuity.
"Americans are living longer in retirement than ever before, and many are beginning to consider the implications of living longer than they've planned for financially," Ted Mathas, an executive vice president at New York Life, said in a press release.
The changing needs option lets customers arrange for their monthly income payments to rise by up to five times the original amount. For those who expect their income needs eventually to decrease, the feature allows a reduction of up to one-half the original amount, at a date they choose. These increases or decreases may be scheduled anytime after the contract's third anniversary.
