The New York Life Clear Income Fixed Annuity - FP Series should only be considered if you intend to receive payments under the Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider.
1. As long as you do not withdraw your policy's Accumulation Value (including applicable Market Value Adjustment and surrender charges) before the income start date. All guarantees are dependent on the claims-paying ability of the issuer, New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware corporation, a wholly owned subsidiary of New York Life Insurance Company. Rider fees apply.
Any withdrawal prior to age 59½ will reduce the GLWB amount. After age 59½, an early access withdrawal or any withdrawal (including applicable MVA and surrender charges) that exceeds your GLWB amount will reduce income guarantees. 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.
3. Withdrawals made prior to age 59½, may be subject to a 10% IRS penalty. Surrender charges may also apply.
4. Withdrawal rates are banded and increase at certain ages. They stop increasing at age 80. The annual increase rate is applicable for a maximum of 10 years.
Fixed annuities available at Fidelity are issued by third-party insurance companies, which are not affiliated with any Fidelity Investments company. These products are distributed by Fidelity Insurance Agency, Inc., and, for certain products, Fidelity Brokerage Services, Member NYSE, "SIPC". A contract's financial guarantees are solely the responsibility of and are subject to the claims-paying ability of the issuing insurance company.
This product is available in all states except New York and Delaware.
Product features may vary by state. Please refer to the contract for more complete product details
New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Available in jurisdictions where approved. State variations may apply and benefits may vary. In most jurisdictions, the policy form number for the New York Life Clear Income Fixed Annuity — FP Series is ICC14-P130; in some states it may be 214-P130, and state variations may apply. In most jurisdictions, the rider form number for the Guaranteed Lifetime Withdrawal Benefit Rider is ICC14-R102; in some states it may be 214-R102, and state variations may apply. The rider form number for the Living Needs Benefit/Unemployment Rider is ICC09-R100; in some states it may be 209-100, and state variations may apply.