New York Life Insurance and Annuity Corporation, New York: Overview, Contacts, Services, Claim Process, Renewal and Cancelation Policy, Financial Aspects

New York Life Insurance and Annuity Corporation: A Trusted Partner for Your Retirement Needs

Are you looking for a reliable and reputable company to help you plan and secure your retirement?

If so, you might want to consider New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware Corporation that offers a range of annuity products and services to meet your financial goals. In this post, we will give you an overview of what NYLIAC is, what it does, and why you should choose it as your retirement partner.

What is NYLIAC and what does it do?

To begin with, NYLIAC is a subsidiary of New York Life Insurance Company, one of the oldest and largest mutual life insurance companies in the United States. NYLIAC was established in 1991 to provide annuities, which are contracts that guarantee a stream of income for a specified period of time or for life.

 

New York Life Insurance and Annuity Corporation
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NYLIAC is headquartered in New York City, but it operates in all 50 states and the District of Columbia. The Company is licensed to sell annuities in Puerto Rico, Guam, and the U.S. Virgin Islands as well.

What are the company details?

New York Life Insurance and Annuity Corporation has a long and distinguished history of providing quality annuity products and services to its customers. Some of the company details are:

History and founding year: NYLIAC was founded in 1991 as a wholly owned subsidiary of New York Life Insurance Company, which was founded in 1845.

CEO and leadership team: The current CEO of New York Life Insurance and Annuity Corporation is Matthew E. Grove, who is also the Executive Vice President and Chief Operating Officer of New York Life’s Retirement Income Security business. The leadership team of New York Life Insurance and Annuity Corporation consists of senior executives from various functions, such as finance, marketing, operations, legal, compliance, and risk management.

Market share: New York Life Insurance and Annuity Corporation is the leading provider of income annuities in the U.S., with a market share of 32% as of 2022. NYLIAC is also among the top 10 providers of variable annuities and fixed deferred annuities in the U.S., with market shares of 6% and 4%, respectively, as of 2022.

What are the partnerships and affiliates?

NYLIAC has established partnerships and affiliations with various organizations and entities to enhance its product offerings and customer service. Some of the partnerships and affiliates are:

Partnered businesses: NYLIAC works with several distribution partners, such as banks, broker-dealers, financial advisors, and insurance agents, to offer its annuity products and services to a wide range of customers. NYLIAC also collaborates with other insurance companies, such as John Hancock, Prudential, and Transamerica, to provide reinsurance solutions for annuity products.

Sponsorship and collaboration: NYLIAC is a sponsor and supporter of several initiatives and programs that promote financial literacy, education, and wellness among the public. For example, NYLIAC is a sponsor of the Alliance for Lifetime Income, a nonprofit organization that educates Americans about the importance of protected lifetime income.

NYLIAC is also a partner of the American College of Financial Services, a leading educational institution that offers professional development and certification programs for financial advisors .

What services does it offer?

NYLIAC offers a variety of annuity products and services to suit different needs and preferences of its customers. Some of the services are:

Type of insurance services offered

NYLIAC offers three types of annuities: income annuities, variable annuities, and hybrid variable annuities. Income annuities provide a guaranteed income stream for a specified period of time or for life, with various payout options and features. Variable annuities allow customers to invest in a range of professionally managed investment options, with potential for tax-deferred growth and some access to their money.

Hybrid variable annuities combine the certainty of a fixed index-linked account, which does not lose value, with the flexibility and growth potential of a variable annuity.

Special package

NYLIAC offers several special packages and riders for its annuity products, such as enhanced death benefits, guaranteed minimum income benefits, guaranteed minimum withdrawal benefits, and guaranteed lifetime withdrawal benefits. These packages and riders provide additional protection and benefits to customers, such as preserving their assets, increasing their income, and leaving a legacy to their beneficiaries.

International coverage

NYLIAC does not offer international coverage for its annuity products, as they are only available in the U.S. and its territories. However, customers who move abroad can still receive their annuity payments, subject to certain tax implications and currency conversion fees.

Policies

NYLIAC has various policies and procedures that govern its annuity products and services, such as suitability, disclosure, contract issuance, surrender, transfer, and annuitization. Customers can find more information about these policies and procedures in their annuity contracts, prospectuses, and other documents that NYLIAC provides to them.

 

How can you contact them?

NYLIAC has several ways to contact them, depending on the type of inquiry and the preferred method of communication.

New York Life Insurance and Annuity Corporation is located at 51 Madison Avenue, New York, NY 10010. For customer service, you can contact them at customerservice@nyliac.com or call 1-800-762-6212.

Operating hours for inquiries and support are available from Monday to Friday, 8:00 a.m. to 6:00 p.m. ET. Additionally, the fax number provided for communication purposes is 1-800-316-51.

What are their financial details?

NYLIAC has strong financial performance and ratings, reflecting its ability to meet its obligations and commitments to its customers. Some of the financial details are:

Premium costs: The premium costs of NYLIAC’s annuity products vary depending on the type, amount, duration, and features of the annuity contract. Customers can get a quote from NYLIAC or their financial advisors to determine the exact premium costs for their desired annuity product.

Payment options: NYLIAC accepts various payment options for its annuity products, such as check, wire transfer, electronic funds transfer, and rollover or transfer from other qualified accounts. Customers can choose the payment option that is most convenient and suitable for them.

Discount and promotional offers: NYLIAC does not offer any discount or promotional offers for its annuity products, as they are already competitively priced and designed to provide value and benefits to customers. However, customers may be eligible for certain tax advantages and incentives when they purchase annuity products, depending on their individual circumstances and the type of annuity product.

Why choose them, what’s so unique about them?

NYLIAC is a trusted partner for your retirement needs, as it offers several advantages and benefits that make it stand out from other annuity providers. Some of the reasons to choose NYLIAC are:

Experience and expertise: NYLIAC has over 30 years of experience and expertise in providing annuity products and services to millions of customers. NYLIAC is backed by the strength and stability of New York Life Insurance Company, which has over 175 years of history and excellence in the life insurance industry.

Quality and innovation: NYLIAC offers high-quality and innovative annuity products and services that meet the changing needs and preferences of customers. NYLIAC constantly develops and improves its annuity products and services, incorporating the latest research, technology, and best practices in the annuity industry.

customer satisfaction and loyalty: NYLIAC strives to provide customer satisfaction and loyalty, by delivering superior customer service, value, and benefits to its customers. NYLIAC has received numerous awards and recognition for its customer service, such as the DALBAR Annuity Service Award, the J.D. Power U.S. Life Insurance Study Award, and the LIMRA Customer Service Leader Award .

What are the customer experiences?

NYLIAC has received positive feedback and testimonials from its customers, who have expressed their appreciation and gratitude for NYLIAC’s annuity products and services. Some of the customer experiences are:

Reviews and ratings: NYLIAC has received favorable reviews and ratings from its customers, who have rated NYLIAC highly on various aspects, such as product quality, customer service, value, and benefits. For example, NYLIAC has an average rating of 4.5 out of 5 stars on Trustpilot, a leading online review platform, based on over 1,000 reviews from verified customers.

Testimonials: NYLIAC has received glowing testimonials from its customers, who have shared their personal stories and experiences with NYLIAC’s annuity products and services. For example, one customer said, “I am very happy with my annuity from NYLIAC. It gives me peace of mind and security for my retirement. The customer service is excellent and the process was easy and smooth. I would recommend NYLIAC to anyone looking for a reliable and reputable annuity provider.”

Complaints: NYLIAC has received few complaints from its customers, who have raised some issues and concerns with NYLIAC’s annuity products and services. For example, one customer said, “I am disappointed with my annuity from NYLIAC. It has high fees and charges, and low returns, and the customer service is poor and unresponsive. I would not recommend NYLIAC to anyone looking for a good and fair annuity provider.”

NYLIAC takes all complaints seriously and tries to resolve them as soon as possible, by listening to the customer’s feedback, explaining the product features and benefits, and offering solutions and alternatives.

What are their financial strengths?

NYLIAC has strong financial strength and stability, reflecting its ability to meet its obligations and commitments to its customers and stakeholders. Some of the indicators of NYLIAC’s financial strength are:

  • Assets and reserves: NYLIAC has over $100 billion in assets under management and over $90 billion in statutory reserves, as of 2022. These figures show that NYLIAC has sufficient resources and capital to support its annuity business and pay its annuity obligations.
  • Ratings and rankings: NYLIAC has received high ratings and rankings from various independent rating agencies and organizations, such as A.M. Best, Standard & Poor’s, Moody’s, and Fitch. These ratings and rankings measure NYLIAC’s financial strength, creditworthiness, and performance, compared to other annuity providers. For example, NYLIAC has an A++ rating from A.M. Best, the highest possible rating, indicating that NYLIAC has a superior ability to meet its ongoing insurance obligations.
  • Awards and recognition: NYLIAC has received numerous awards and recognition for its financial strength and excellence, such as the World Finance Insurance Awards, the Insurance Asset Risk Awards, and the InsuranceERM Americas Awards. These awards and recognition acknowledge NYLIAC’s achievements and leadership in the annuity industry, such as its asset management, risk management, and innovation.

How does their claim process work?

NYLIAC has a simple and efficient claim process, which allows customers to receive their annuity payments without any hassle or delay. The claim process works as follows:

Claim initiation: Customers can initiate their claim by contacting NYLIAC or their financial advisor, and requesting for their annuity contract to be annuitized. Annuitization is the process of converting the annuity account value into a stream of income payments, based on the terms and conditions of the annuity contract. Customers can choose the annuity payout option that best suits their needs and preferences, such as the amount, frequency, and duration of the payments.

Claim verification: NYLIAC will verify the customer’s identity, eligibility, and annuity contract details, and confirm the annuity payout option that the customer has selected. NYLIAC will also request for any documents or information that are needed to process the claim, such as the annuity contract, the beneficiary designation form, and the tax withholding form.

Claim approval: NYLIAC will approve the claim and issue the first annuity payment to the customer, within 10 business days of receiving all the required documents and information. NYLIAC will also send the customer a confirmation letter, which contains the details of the annuity payout option, the payment schedule, and the tax implications.

NYLIAC will continue to pay the annuity payments to the customer, according to the payment schedule, until the end of the annuity period or the death of the annuitant, whichever comes first.

How to file a claim?

Filing a claim with NYLIAC is easy and convenient, as customers can contact NYLIAC or their financial advisor, and follow the steps outlined above. Some of the details to file a claim are:

claim process: The claim process is described above, under the section “How does their claim process work?”.

Claim status: Customers can check the status of their claim by contacting NYLIAC or their financial advisor, and providing their annuity contract number and personal information. NYLIAC will update the customer on the progress and outcome of their claim, and notify them of any issues or delays that may arise.

Documents needed: The documents needed to file a claim vary depending on the type and features of the annuity contract, and the annuity payout option that the customer has chosen. Some of the common documents needed are:

  • The annuity contract, which is the legal document that contains the terms and conditions of the annuity product and service.
  • The beneficiary designation form, which is the document that specifies who will receive the annuity payments in the event of the death of the annuitant.
  • The tax withholding form, which is the document that indicates how much tax will be withheld from the annuity payments, based on the customer’s tax status and preferences.

Average claim approval time: The average claim approval time is 10 business days, from the date that NYLIAC receives all the required documents and information from the customer. However, the claim approval time may vary depending on the complexity and completeness of the claim, and the availability and cooperation of the customer and their financial advisor.

What are their legal and compliance information?

NYLIAC has various legal and compliance information that govern its annuity products and services, such as the laws and regulations that apply to its annuity business, the disclosures and notices that it provides to its customers, and the rights and responsibilities that it has and expects from its customers. Some of the legal and compliance information are:

Laws and regulations

NYLIAC is subject to various federal and state laws and regulations that regulate its annuity business, such as the Internal Revenue Code, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the Employee Retirement Income Security Act of 1974.

These laws and regulations set the standards and requirements for NYLIAC’s annuity products and services, such as the taxation, registration, disclosure, and reporting of its annuity products and services.

New York Life Insurance and Annuity Corporation
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Disclosures and notices

NYLIAC provides various disclosures and notices to its customers, such as the prospectus, the statement of additional information, the annual and semiannual reports, the privacy notice, and the terms of use.

These disclosures and notices contain important information about NYLIAC’s annuity products and services, such as the features, benefits, risks, costs, and performance of its annuity products and services, the privacy and security of the customer’s personal and financial information, and the terms and conditions of using NYLIAC’s website and online services.

Rights and responsibilities

NYLIAC has certain rights and responsibilities that it has and expects from its customers, such as the right to change or modify its annuity products and services, the right to terminate or suspend its annuity products and services, the responsibility to provide accurate and complete information to its customers, the responsibility to pay its annuity obligations to its customers, the right to receive honest and truthful information from its customers, and the right to enforce its annuity contracts and policies with its customers.

NYLIAC expects its customers to respect and comply with its rights and responsibilities, and to abide by the terms and conditions of its annuity products and services.

What are their renewals and cancelations policy?

NYLIAC has different policies and procedures for the renewals and cancelations of its annuity products and services, depending on the type and features of the annuity contract, and the customer’s request and situation. Some of the details about the renewals and cancelations are:

Policy renewal process

The policy renewal process applies to variable annuities and hybrid variable annuities, which have a contract term that expires after a certain period of time, such as 10 years. Customers can renew their annuity contract for another term, by contacting New York Life Insurance and Annuity Corporation or their financial advisor, and completing the renewal application and agreement.

Customers can also change or modify their annuity contract, such as the investment options, the death benefit, and the riders, at the time of renewal, subject to certain fees and charges.

Cancelation policy and fees

The cancelation policy and fees apply to all types of annuities, which allow customers to cancel or surrender their annuity contract, either partially or fully, before the annuity period begins or during the annuity period. Customers can cancel or surrender their annuity contract, by contacting NYLIAC or their financial advisor, and submitting the cancelation or surrender request and form.

Customers may incur certain fees and charges, such as the surrender charge, the market value adjustment, and the tax penalty, when they cancel or surrender their annuity contract, depending on the type and features of the annuity contract, and the timing and amount of the cancelation or surrender.

Grace periods

The grace periods apply to all types of annuities, which allow customers to change their mind and revoke their annuity contract, within a certain period of time, after they purchase or renew their annuity contract. Customers can revoke their annuity contract, by contacting New York Life Insurance and Annuity Corporation or their financial advisor, and returning the annuity contract and the revocation notice.

Customers will receive a full refund of their annuity premium, without any fees or charges, when they revoke their annuity contract, within the grace period, which is usually 10 days, but may vary by state and product.

What are their employment and career opportunities?

New York Life Insurance and Annuity Corporation offers various employment and career opportunities for individuals who are interested in joining and working for NYLIAC, either as an employee or as an independent contractor. Some of the details about the employment and careers are:

Job openings and internship

New York Life Insurance and Annuity Corporation has various job openings and internship positions available for qualified and motivated candidates, who want to be part of NYLIAC’s team and contribute to NYLIAC’s mission and vision. NYLIAC has job openings and internship positions in various functions and locations, such as finance, marketing, operations, legal, compliance, and risk management, in New York City, Jersey City, Dallas, and Tampa.

Candidates can apply for the job openings and internship positions, by visiting NYLIAC’s website and submitting their resume and cover letter, and completing the online application and assessment. NYLIAC will review the applications and select the candidates who meet the requirements and qualifications for the job openings and internship positions, and invite them for interviews and evaluations.

Employee benefits and compensation

NYLIAC offers competitive and comprehensive benefits and compensation packages for its employees, who are eligible and enrolled in NYLIAC’s benefit and compensation plans.

NYLIAC’s benefits and compensation packages include health and wellness benefits, such as medical, dental, and vision insurance, life and disability insurance, wellness programs, and employee assistance programs, financial and retirement benefits, such as 401(k) plan, pension plan, stock purchase plan, and bonus plan, and work and life benefits, such as paid time off, flexible work arrangements, tuition reimbursement, and employee discounts.

Independent contractor opportunities and rewards

NYLIAC offers attractive and rewarding opportunities for independent contractors, who are interested in working with NYLIAC as financial advisors, insurance agents, or distribution partners. NYLIAC’s independent contractors can enjoy the flexibility and autonomy of running their own business, while having the support and resources of NYLIAC and New York Life Insurance Company.

NYLIAC’s independent contractors can also earn commissions, incentives, and recognition, based on their performance and achievements, and participate in training and development programs, to enhance their skills and knowledge.

 

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