The New York Life Clear Income Advantage 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 account 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.
2.
All early access withdrawals will reduce the Guaranteed Lifetime Withdrawal Benefit (GLWB) amount. After income starts, any withdrawal (including applicable Market Value Adjustment and surrender charges) that exceeds your GLWB amount will reduce income guarantees proportionally. 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. The Guaranteed Lifetime Withdrawal Benefit (GLWB) is a rider that is automatically included and only cancelable by the owner upon full surrender of the policy. For all states except NY, an annual fee of 0.95% of the Account Value will be deducted quarterly and will cease when the Account Value is reduced to $0.
4. The initial guaranteed lifetime withdrawal rate is locked-in at purchase and will vary by age and by Male, Female, and Joint annuitants. Deferral Credit will be added to your initial withdrawal rate for every full year of deferral and can vary by year and issue age, and by Male, Female, and Joint annuitants.
This product may not be available in all states.
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 Advantage Fixed Annuity — FP Series is ICC22D-P02; in some states it may be NC22D-P02 (12/2022), and state variations may apply. In most jurisdictions, the rider form number for the Guaranteed Lifetime Withdrawal Benefit Rider is ICC22D-R01; in some states it may be NC22D-R01, 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.
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.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
