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Understanding Insurance

Lifetime Income

Immediate annuities are also known as Lifetime Income Annuities. With an immediate annuity, you pay a single premium to an insurance company and they provide you with ongoing periodic payments, usually monthly, that continue as long as you live.

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If you want to ensure that your funds last your entire lifetime, you might choose to purchase an immediate annuity. This could help you to balance your budget, knowing that you will have a certain amount each month to spend, and will ensure that you have at least that much each month for the rest of your life.

If you are concerned that you might pass away soon after purchase, and only receive a small portion of what you paid in, you can choose an annuity that guarantees that your beneficiary will receive the difference of what you paid in to what you had received or one where payments would continue for a minimum of years.

Want to Get in Touch?

The New York Life Insurance and Annuity Corporation

Phone: 1-800-590-1504

AARP Financial is a collection of financial-related products, services, and insurance programs made available to AARP members. AARP and its affiliate are not insurance agencies or carriers and do not employ or endorse individual agents, brokers, producers, representatives, or advisors.

The AARP Lifetime Income Program is underwritten by New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware Corporation, Newark, DE 19713. Guarantees are based on the claims-paying ability of NYLIAC. AARP membership is required for Program eligibility. Specific products, features and/or gifts not available in all states or countries. NYLIAC pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP and its affiliates are not insurers.