Age when annuity starts
Our immediate income annuities can convert your savings now into a guaranteed income stream that acts like a pension in some ways.¹ Your agent will work closely with you to create an immediate income annuity that starts paying you soon and lasts for as long as you need.
An immediate income annuity, or sometimes referred to as an instant annuity, is ideal for people who want to turn a lump sum of money into a predictable stream of income, with payouts usually starting within a month.
With an immediate income annuity, you can set up a single premium as a deposit and start getting regular payouts to help support your lifestyle. Certain immediate income annuities pay guaranteed income with the opportunity for more through non-guaranteed dividends.2
Income to live on now
Start receiving dependable income from your immediate income annuity within a month, if you're already retired or need immediate financial support
Guaranteed monthly payments
Enjoy peace of mind with reliable, predictable income that's paid monthly with the option to grow over time
Flexible time frame
Choose an income stream for your immediate income annuity that covers you for life or for a specific period of time
Income starts now and will be paid in consistent, predictable amounts for the rest of your life
Best for: Those who want dependable income right away and prefer guaranteed payments that last as long as they live
Steady payments for life, plus the potential for dividend payments
Best for: Individuals who value lifetime income and want the opportunity for growth through dividends
Income for a set period, like bridging the gap until Social Security payments start
Best for: People who need income for a specific time frame—like early retirees waiting for other benefits to begin
With a $100,000 premium to start, here’s the yearly income a policy owner could receive for the rest of his life.6
65 |
$6,582 |
6.58% |
75 |
$8,068 |
8.07% |
85 |
$10,591 |
10.59% |
A New York Life financial professional can help you understand your options and find the right policy for your needs.
An immediate income or sometimes referred to as an instant annuity, is a type of policy that converts your savings into a guaranteed income stream. Payments to you can usually start within a month, so it's especially helpful if you need cash flow soon. An immediate income annuity is like a pension that can support you now and for the rest of your life (or as long as you need).
Your An immediate income annuity will usually begin making payments within a month. After that, you're guaranteed to continue receiving regular payments based on the schedule that you and your agent create together.
Yes, you make one lump sum payment (premium) into the annuity. Your agent can answer questions about payments, help you compare options and provide guidance.
Yes. Once you select your immediate income annuity, decide how much to contribute, and set your payout schedule, you can rely on receiving regular payments to help support your lifestyle now and in the future. Some immediate annuities also offer more income through potential dividends.1
If you’ve already paid taxes on the money you put into the annuity, a portion of your payouts will be tax-free. If you use pre-tax dollars, however, you’ll pay income tax on the entirety of each payout. Your agent can give you personalized quotes and answer any other questions you may have.
Payouts for an immediate income annuity deepnd on your age, investment amount, payout option, and interest rates. Typically, the older you are, the higher the payments.
An immediate income annuity is funded with a lump-sum payment, often from savings, a retirement account, or a rollover from a 401(k) or IRA. In exchange, the insurance company begins making regular income payments within 30 days.
If you can wait at least a few years before receiving retirement income, a deferred income annuity can help you make the most of your savings. We'll help you set a future start date for your payouts that offer higher guaranteed income than immediate fixed annuities.
1All guarantees are dependent upon the claims-paying ability of the issuers, New York Life Insurance Company (NYLIC) and New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation), a wholly owned subsidiary of NYLIC. All contract and rider guarantees, including options benefits and annuity payout rates, are backed by the claims-paying ability of the respective insurance company. Guaranteed income from dividend paying annuity is lower than guaranteed income from fully-guaranteed annuities.
2Dividends are not guaranteed. Dividends, if declared, are payable beginning on the first policy anniversary (i.e., 12 months after issue).
3Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. For most jurisdictions, the policy form number for the New York Life Guaranteed Lifetime Income Annuity is ICC11-P102 (it may be 211-P102). State variations may apply.
4New York Life Lifetime Mutual Income Annuities are issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. Available in jurisdictions where approved. The policy form number for the New York Life Lifetime Mutual income Annuity is 214-P200. State variations may apply.
5Issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. The policy form number for the New York Life Guaranteed Period Income Annuity is ICC11-P111 (it may be 211-P111 and state variations may apply). Payout rates are not interest rates, and they include return of premium. Rates are effective as of 5/29/23 and change regularly.
6Annuity payments consist of both interest and return of premium. Payout rates are not an interest rate. These payout rates and income amounts are effective as of 5/29/23. Based on a refund unisex life annuity policy purchased with $100,000. For other payout options and premiums less than $100,000, the payout rates will be lower. Payout rates are subject to change and may vary depending on premium amount, age, gender, income option selected, and interest rates in effect at policy issue.