1 G U A R A N T E E D I N C O M E S O L U T I O N S NEW YORK LIFE LIFETIME INCOME ANNUITY
2 NEW YORK LIFE: BUILT FOR TIMES LIKE THESE New York Life Insurance Company, the parent company of New York Life Insurance and Annuity Corporation (NYLIAC), is one of the largest mutual life insurance companies in the United States. During these unprecedented times that are likely to have a lasting impact on the financial sector, New York Life and NYLIAC continue to stand tall because they were Built for times like these. Talk to your Representative today and find out why we are The Company You Keep. DON T JUST TAKE IT FROM US New York Life and NYLIAC s surplus is one of the strongest in the industry, acting as a safety margin in economic downturns and fueling our continued growth. Our ability to maintain a high level of financial stability while meeting our fiscal obligations is a clear indicator of long-term security. As a result, even during these uncertain times, New York Life and NYLIAC hold the highest possible ratings for financial strength from all four major rating agencies. 1 A.M. Best Standard & Poor s Moody s Fitch A++ AAA Aaa AAA 1 Source: Third-Party Rating Reports (as of 1/25/2011) New York Life Lifetime Income Annuity is issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation). All guarantees are based on the claims-paying ability of the issuer. 2
3 At New York Life Insurance and Annuity Corporation (NYLIAC), we believe that when it comes to your retirement, the decisions you make today will impact the lifestyle you ll have tomorrow. As you embark on your retirement, keep in mind that you may face unforeseen risks including: Longevity Risk With the average life expectancy increasing, there is a very real risk of outliving your money in retirement. Market Volatility Investments are subject to ups and downs of the market. As you get older, you have less time to recover losses caused by market volatility. Healthcare Expenses Healthcare costs have continued to rise, and may become more expensive. This is a major financial concern for many Americans. 2 2 Source: The Rising Cost of Healthcare: The Causes. Updated January
4 HOW TO MEET YOUR RETIREMENT NEEDS To help manage some of the financial risks that retirees may face, you should look for guaranteed sources of income. In the past, Americans have depended on company-based pensions and traditional Social Security benefits to solidify their income during retirement. The retirement landscape is changing. Fewer Americans are covered by traditional pensions than a generation ago. Social Security is covering a smaller percentage of retirement income than in the past. So, many retirees need an additional source of guaranteed income. A New York Life Lifetime Income Annuity addresses many of your retirement risks, and like a Social Security or Pension plan, it provides features like: Security You are financially vested in an institution you trust. Protection Your income is free from market volatility. Simplicity You will receive a worry-free stream of income to help cover your expenses. Longevity Your payment stream is guaranteed for as long as you live. It is essentially a paycheck for life. HOW LONG WILL YOUR MONEY LAST? Some people generate retirement income by withdrawing money from their savings as they need it, with the hope that their assets will last for the duration of their retirement. While this seems like a logical strategy, studies have shown that there is a 90% chance that your retirement savings will last 30 years if you are withdrawing just 4% each year. 4 If you withdraw more, the probability that your retirement income will last that long is even lower. One Member of a a 65-year-old Couple Contributing to the evolving face of retirement is the fact that Americans are living longer, healthier lives. Thanks to medical advances and healthier lifestyles, life expectancy in the United States has risen by 30 years over the last century 3 and continues to rise National Center for Health 4 Source: New York Life Investment Management. A hypothetical untaxed portfolio of 50% equity and 50% fixed income would last 27.5 years at an 89.5% confidence level, if withdrawals were taken at an inflation adjusted 4% a year. The historical annual data, from 1926 through 2005, is from Ibbotson Associates. Equity returns were modeled using the S&P 500 Index. The S&P 500 Index is an unmanaged index and is widely regarded as the standard for measuring Large Cap U.S. stock market performance. Fixed income returns were modeled using the Ibbotson Long-Term Corporate Bond Index. Inflation readings were taken from Ibbotson inflation data. An investor cannot invest directly in an index. The confidence level was derived by taking a Monte Carlo simulation of 10,000 trials with random returns drawn monthly from the Ibbotson data. The model assumed an annual fee of 125 basis points. Past performance is no guarantee of future results. 4
5 A PAYCHECK FOR LIFE: New York Life Lifetime Income Annuity 5 A Lifetime Income Annuity provides retirement income that is guaranteed 6 to last as long as you live, no matter how long that is and no matter how the financial markets perform. We assume the market and longevity risk, so you don t have to. Think of it as a paycheck for the rest of your life. A 65-year-old male purchases a Lifetime Income Annuity with a premium of $100,000. With a Life with Cash Refund option 7 that he has chosen, New York Life will pay him $6,574 per year for the rest of his life, regardless of how long he lives. If he dies prematurely before he has recovered his full $100,000, New York Life will pay the difference to his beneficiaries. Income paid to him annually for the rest of his life $6,574 $6,574 $6,574 $6,574 $6,574 Total payments if he lives until age 85 = $131,479 How a Lifetime Income Annuity Works: The Lifetime Income Annuity is categorized as a Single Premium Immediate Annuity (SPIA). This means that by purchasing this product, you invest a single lump sum premium (minimum premium $10,000), 8 and soon after, you will start receiving income payments. Those payments will continue for the rest of your life. You can customize your payment stream to include another annuitant, legacy options and inflation protection. You can even access money in the case of an emergency. With the strength and security of New York Life, 5 a Lifetime Income Annuity is a great way to help cover your basic expenses in retirement. 5 The Lifetime Income Annuity is issued by 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 Guarantee is based on the claims-paying ability of the insurer. 7 This hypothetical example is used for illustrative purposes only. It assumes an initial premium of $100,000 for a Single Life with Cash Refund policy. Actual results will vary. Example based on rates in effect April 28, Minimum premium may vary by state or payment option. 5
6 WHAT ARE YOUR QUESTIONS CONCERNING RETIREMENT? We can help answer them. I want to make sure my spouse is taken care of, should anything happen to me. By choosing a Joint Life policy, covering you and your spouse, the Lifetime Income Annuity payout stream will continue as long as either of you is alive. How can I maximize the legacy I leave to my loved ones? New York Life offers many payout options designed to provide income for you, but also help make sure that your heirs are taken care of after you re gone. 6
7 A STREAM OF INCOME FOR TODAY, TOMORROW AND BEYOND The Lifetime Income Annuity offers a combination of cutting-edge features 9 that can help address your retirement income needs. You can choose from the following options: 10 Highest Amount of Income (Single or Joint Life Only) The Single Life Only option provides income to you for the duration of your lifetime, regardless of how long you live. This option generally provides the highest income benefit for any given premium. However, payments will stop at your death. A Joint Life Only option makes payments to you for your lifetime and the lifetime of one other person. If one of you were to die, the payments would continue to the survivor for the rest of his or her life. All else being equal, a given premium amount will provide lower income over joint lives than for a single life policy. Payments stop at the death of both annuitants. Guaranteed Payment for a Period of Time (Single or Joint Life with Period Certain) This option pays income for your lifetime, or a guaranteed period of time (you may choose from 5 to 30 years), whichever is longer. If you (or both of you for a Joint Life policy) were to live beyond that period, payments would continue for your lifetime. If you (or both of you for a Joint Life policy) were to die prior to the guaranteed period ending, payments would continue to your beneficiaries for the remainder of the guarantee period. 11,12 Guaranteed Return of Your Principal as a Lump Sum (Single or Joint Life with Cash Refund) This option pays income for your lifetime (and the lifetime of one other person, with a Joint Life policy). However, this option guarantees that if you die (or both of you for a Joint Life policy), your beneficiaries will receive a lump sum equaling your premium less all payments made. For a Joint Life, the policy pays income as long as both of you are alive Some features are not available on qualified policies, and some are not available in all jurisdictions. 10 The payout option you choose, as well as your age and gender, will affect the amount of each income payment, so be sure to discuss these factors with your insurance professional. Not all payment options are available for all ages. 11 If your Joint Life with Period Certain policy includes a survivor income that is less than 100% of the income while both of you are alive, the reduction in income will not take place until the first annuitant s death or at the end of the guaranteed payment period, whichever is later. 12 Upon death of the annuitant (or both annuitants for a Joint Life policy), remaining guaranteed payments can be commuted into a lump sum if the policyowner selected this option at issue. 13 If the total payments you receive prior to your death equal or exceed the initial premium you paid for your policy, then no further payments will be made to beneficiaries upon death. 7
8 Guaranteed Return of Your Principal in Installments (Single or Joint Life with Installment Refund) This option pays income for your lifetime (and the lifetime of one other person if a Joint Life policy). However, this option guarantees that if you die (or both of you for a Joint Life policy), your beneficiaries will continue to receive the annuity payments until the premium is fully recovered. The Installment Refund provision entitles your beneficiaries to receive the total of the premium less all payments made on a scheduled installment basis. 13 Death Benefits for Your Loved Ones (Single or Joint Life with Percent of Premium Death Benefit) 14 This option offers income for your lifetime (and the lifetime of one other person with a Joint Life policy). It also guarantees that when you die (or both annuitants for a Joint Life policy) your beneficiaries will receive a death benefit totaling 25% or 50% of your original premium. This alternative pays a lower income for the same premium than one that does not provide a guaranteed death benefit, but it ensures a legacy for your heirs. Furthermore, in many cases the amount your heirs receive will be a non-taxable return of your investment in the contract. 15 Additional Flexibility for You and Your Loved One (Reduction of Benefits for Joint Life Policies) Most of the Joint Life policies 16 we offer also allow you to reduce the income amount by 40% to 99% after one of the annuitants dies. By reducing the survivor s income payments, you are able to enjoy a higher income while both annuitants are still alive. You might decide, for example, that if one of you were to die, the survivor would need only 80% of the income that both of you previously required. Choosing this lower percentage may better meet your needs, because a Joint Life policy that pays a smaller income to the survivor will provide a higher income while both of you are alive. The factors that determine the amount of payments you will receive include: n The amount of your premium and the interest rate environment when you purchase your policy n The number of lives the policy covers (either one or two) n Your age and gender (and those of the other person for Joint Life policies) n Any guaranteed minimum payment, inflation protection, change in income schedule, or legacy options you select n The frequency with which you choose to receive your income payments (monthly, quarterly, semi-annually or annually); and n How soon your payments are scheduled to begin The Percent of Premium Death Benefit payout option is not available on qualified policies. It is not available in New York or Washington. 15 Please consult with your professional tax advisor. 16 Reduction of benefits is not available on Joint Life with Cash Refund policies, Joint Life with Installment Refund policies, Joint Life policies with the Changing Needs Option or the Income Enhancement Option. 17 Income payments generally begin one payment period after the policy date. If you choose to receive a monthly income, your payments will begin one month after the policy date, whereas if you choose to receive quarterly income, payments will begin three months after the policy date. You may select the start date for receiving payments, but payments must begin within one year of the policy issue date. 8
9 SOME TAX BENEFITS OF A LIFETIME INCOME ANNUITY Perfect for Required Minimum Distribution (RMD) You can set up a qualified annuity which may automatically satisfy your RMDs each year under the current federal income tax law. 18 The IRS generally requires that people begin withdrawing money each year from their tax-qualified accounts after age 701/2. A Lifetime Income Annuity may help you avoid penalties and free you of the burden of having to figure out and withdraw the correct distribution amount on your own each year. No tax penalty for early withdrawals: If you are younger than age 591/2 and you would like to withdraw funds from any of your taxqualified accounts, a 10% penalty tax will apply in most cases. However, if you were to roll that money into a qualified Lifetime Income Annuity the income payments from the Lifetime Income Annuity would generally be penalty tax-free. A WELLSPRING OF ADVANTAGES If you fund your annuity with funds from a qualified plan, rather than withdrawing your qualified funds in a lump sum, your income payments may allow you to spread your tax liability over your lifetime. As a result, this can offer you significant tax benefits. 18 An income annuity funded with IRA or qualified plan assets must meet certain Internal Revenue Service (IRS) RMD requirements. Clients who are considering purchasing an income annuity with IRA or qualified plan funds should consult their own professional tax advisors to discuss these RMD requirements and how they apply to their particular situation. New York Life, its subsidiaries, agents and employees do not provide tax or legal advice. 9
10 FUNDING YOUR ANNUITY Non-qualified annuities are purchased using after-tax dollars you may have accumulated in other savings vehicles. Each annuity income payment consists of a taxable income portion, and a return of premium portion, which is not taxable. The division between the taxable and taxfree portions of your payments is determined by IRS rules based on several factors, including your life expectancy, the premium you paid for your policy ( cost basis or original investment), and any guarantees chosen. Once the tax-free payments you receive equal your policy s cost basis all future payments you receive are 100% taxable as ordinary income. Qualified annuities are purchased using pre-tax dollars you may have accumulated in an Individual Retirement Account (IRA), 401(k), Keogh, or other employer-sponsored retirement plan. However, by rolling funds from a qualified plan into a Lifetime Income Annuity rather than taking a lump-sum distribution, you will spread your tax liability over many years, which may reduce your total tax liability. Qualified annuity payments generally are fully taxable as ordinary income in the year they are received. Perfect for Rollovers When retiring, you may need to decide what to do with your IRA, 401(k), 403(b), governmental section 457 plan or other employer sponsored retirement plans. You have several options of course, including purchasing CDs, bonds, or stocks. Rolling some, or all, of your retirement plan assets into a Lifetime Income Annuity can turn that money into a steady stream of income that you can enjoy for the rest of your life. Lifetime Income Annuity Roth IRA (Single Life Only) Roth IRAs are funded with after-tax dollars. These funds can come from either converting traditional IRAs or qualified retirement plans, such as 401(k)s and other Roth IRAs (provided you meet applicable requirements). The Lifetime Income Annuity Roth IRA payments and death benefit amount are tax free. To purchase the Lifetime Income Annuity, you must: n n Have a Roth IRA in place for at least five (5) calendar years before the calendar year in which income payments start (this Roth IRA does not have to be used to fund the Roth IRA income annuity), AND Be at least age 591/2 by the time income payments start The Internal Revenue Code provides a Roth IRA is not subject to the required minimum distribution( RMD ) rules during the life of the Roth IRA owner, but is subject to the RMD rules after the owner s death. Accordingly, the Lifetime Income Annuity Roth IRA provides that any amounts payable to a beneficiary after the owner s death must be made in accordance with the RMD rules, not withstanding any inconsistent provision in the contract. This may affect the amount otherwise payable to a beneficiary. 19 Consult your professional tax advisor to understand fully how a Lifetime Income Annuity will impact your personal tax situation. 19 If, at the time of the owner s death, the remaining guaranteed period under a Life with Period Certain is longer than the beneficiary s life expectancy (determined under the IRS Single Life Table), NYLIAC will commute all of the future guaranteed payments. This commuted value will be calculated as specified in the policy. 10
11 ADJUST YOUR INCOME FOR LIFE S CHANGING NEEDS We understand that individuals may have their own specific needs in terms of retirement income. With our many different features, you have the flexibility and control to help address your particular retirement needs. Protect Yourself from the Effects of Inflation If you elect our Annual Increase Option, 20 you choose to have your initial income start lower, but your payments will increase each year by 1% to 5% depending on the percentage you choose. By structuring your payments this way, you may help neutralize the impact of inflation as your living expenses increase over time. How Can Inflation Affect Me? $3.26 % increase 93% Gallon of Milk $1.69 Dozen Eggs $1.03 $ % Gallon of Gas $1.26 $ % Adjust Your Income Payments to Meet Your Needs The Changing Needs Option 22 can be a particularly effective tool in a retirement income strategy because it provides you with the opportunity to decide, at issue, to have your income payments adjusted at a particular point in the future. This may be attractive if you foresee your needs changing over time. 20 The Annual Increase Option is available on qualified and non-qualified policies. The policy owner must elect the Annual Increase Option at the time of purchase and be at least age 59 1 /2 at the time of first payment. The Annual Increase Option is not available with either the Changing Needs Option or the Income Enhancement Option. 21 Source: U.S. Department of Labor, Bureau of Labor and Statistics, July The Changing Needs Option is available only on non-qualified policies. The policy owner must elect the Changing Needs Option at the time of purchase and be at least age 59 1 /2 at the time of first payment. The annuitant must be age 80 or younger at the time of purchase, and the one-time adjustment to income payments must occur prior to the annuitant s 91st birthday. The exact date and percentage of the changing need must be determined at the time of purchase. The Changing Needs Option is not available with either the Annual Increase Option or the Income Enhancement Option, and it is not available in all jurisdictions. Reduction of Benefits is not available for joint life policies. 11
12 The Changing Needs Option allows: n A one-time increase: 1% - 400% (that is, up to 5 times your original income payment) n A one-time decrease: 1% - 50% (down to 1 1 /2 of your original income payment) This increase or reduction may begin on, or anytime after, the third anniversary of the income start date. For instance, you may choose to have a larger payment during your early retirement years, and then have the payment amount decrease (for example, you may decide to have the decrease coincide with when you start receiving Social Security payments.) Or, if you anticipate a current income source expiring down the line, you can plan to have your income payments increase as a way to help replace that income in the future. Potentially Benefit from Higher Interest Rates Once you have locked in guaranteed lifetime income with a Lifetime Income Annuity, the Income Enhancement Option, 23 if purchased at issue, provides you with an opportunity to benefit, if interest rates rise, even though your annuity was purchased in a lower interest rate environment. The Income Enhancement Option works in conjunction with a benchmark interest rate index to provide a potential one-time increase in income payments going forward after the policy s fifth anniversary. If the benchmark index is at least two percentage points (2%) higher on the policy s fifth anniversary, annuity income will increase automatically to reflect the higher interest rate. 24 The increase amount is fixed when the policy is issued, so you will know exactly when and by how much the payments may potentially increase. 25 Index Rate on 5th Policy Anniversary Monthly Original Income Any Rate Decrease; or Increase < 2% Any Rate Increase of 2% or More $572 $700 This example shows if the Income Enhancement Option is triggered, the monthly income benefit will increase from $572 to $700. If the index is not at least two percentage points higher on the policy s fifth anniversary, you will continue to receive the same income amount ($572 monthly) for the rest of your life. Based on rates as of 4/25/11 for a 70-year-old male with a premium of $100,000 and a cash refund option. 23 The Income Enhancement Option is available only on non-qualified policies. The policy owner must elect the Income Enhancement Option at the time of purchase and be at least 59 1 /2 at the time of first payment. The annuitant must be age 75 or younger at the time the policy is issued. The Income Enhancement Option is not available with either the Changing Needs Option or the Annual Increase Option. 24 The higher income benefit will be paid if the 10-Year Constant Maturity Treasury (CMT) Index in the third full week of the calendar month immediately preceding the fifth policy anniversary is at least two percentage points (2%) higher than the 10-Year CMT Index in the third full week of the calendar month immediately preceding the policy date. The higher income benefit would begin on the first scheduled payment after the fifth policy anniversary. 25 If, on the fifth policy anniversary, the benchmark index has not increased sufficiently, you will not receive the increase in your payments, but will continue to receive the original, guaranteed income payment amount. 12
13 What if something should happen, and you need money all at once? These situations could occur, but fortunately, we have measures in place to provide you with ACCESS TO CASH SHOULD YOU HIT ROUGH WATERS What Withdrawal Options Are Available With Your Policy? Cash Withdrawal Feature Non-Qualified Policies Qualified Policies Roth IRA* Up to 100% Cash Withdrawal Life with Cash Refund Life with Installment Refund Life with 5 to 30 Years Not Available Life with Cash Refund Life with Installment Refund Life with 5 to 30 Years 30% Cash Withdrawal Life Only Life with Percent of Premium Death Benefit (25% or 50%) Life Only Life with Cash Refund Life with Installment Refund Life with 5 to 30 Years Life Only * Single life only, unless otherwise indicated. 13
14 FLEXIBILITY AND CONTROL The Lifetime Income Annuity gives you control of your money by providing you access to funds beyond the scheduled income payments, in the event you need additional cash due to unexpected circumstances. Each policy includes withdrawal features that provide you access to cash in an emergency after you are at least age 591/2. Payment Acceleration (For Non-Qualified Annuities with Monthly Payments) This feature enables you to receive your next scheduled monthly payment, along with five subsequent payments for a total of six months of income payments paid to you all at once. When you exercise this option, your income payments will not be paid for the next five months. You may use this feature twice during the life of your policy. Cash Withdrawal Provides a one-time opportunity to receive the discounted value of future payments. 26 Depending on your policy, you will have access to cash through one of two Cash Withdrawal features. 27 Up to 100% Cash Withdrawal 28 This feature allows you to withdraw up to 100% of the discounted value of the remaining guaranteed payments at anytime within the guaranteed payment period. Once this option is exercised, future income payments through the end of the guaranteed payment period will be reduced by the withdrawal percentage you elected. If the annuitant is alive at the end of the guaranteed payment period, full annuity payments will then resume for the life of the policy % Cash Withdrawal This feature allows you to withdraw 30% of the discounted value of the remaining payments expected to be paid to you based on your life expectancy when you purchased your policy. You may exercise this option on the 5th, 10th or 15th anniversary of your first income payment, or upon proof of a significant non-medical financial loss, 30 as specified by the policy. Once this option is exercised, future income payments will be reduced by 30% for the life of the policy. Taxation of Withdrawals (Fully Taxable) Withdrawals made using the Payment Acceleration feature and the Cash Withdrawal feature will be reported to the Internal Revenue Service (IRS) as fully taxable. 31 In addition, penalty taxes may apply in certain circumstances as a result of exercising a withdrawal feature under an immediate annuity. 32 Please consult with your professional tax advisor. Not all options are available on all contracts, in all jurisdictions, or to annuitants of all ages. Ask your insurance professional for details. 26 The cash withdrawal amount is subject to an Interest Rate Change Adjustment that will increase or decrease the withdrawal amount based on the change in interest rates, as measured by the 10-Year CMT, between the time you purchase your policy and the time you elect to receive the cash withdrawal. The 30% Cash Withdrawal feature is not available after the annuitant s life expectancy. 27 Policies either offer the Up to 100% Cash Withdrawal feature or the 30% Cash Withdrawal feature, but not both. 14
15 28 The Up to 100% Cash Withdrawal is not 100% of the original purchase payment and is generally less than this value. Instead, it is based on the present value of the future guaranteed payments on the policy at the time of withdrawal. The guaranteed payment period for the Life with Cash Refund or the Life with Installment Refund payment option is determined by dividing the premium paid for the policy by the annualized income benefit amount. 29 For Joint Life policies, full annuity payments will resume for the life of the policy at the end of the guaranteed payment period if at least one of the annuitants is alive at that time. 30 The non-medical financial loss provision is not available in all jurisdictions. Ask your insurance professional for details. 31 The federal income tax treatment of an immediate annuity that contains a withdrawal feature, such as the Payment Acceleration and the Cash Withdrawal features, is uncertain and the IRS may determine that the taxable amount of the annuity payments and/or withdrawals received for any year is different than the amount reported by New York Life. For non-qualified policies, the exercising of a withdrawal feature may extend the period over which a policy owner may recover the investment in the contract and may limit the policy owner s ability to fully recover the investment in the contract over the annuity payment period because of the reduction or elimination of future annuity payments. The policy owner should consult with his or her own tax advisor prior to exercising a withdrawal feature under an immediate annuity. 32 If the policy owner purchases a policy with a withdrawal feature, such as the Payment Acceleration and the Cash Withdrawal features, before age 59 1/2 and exercises the features within five years from the date of the first annuity payment (and after the policy owner has attained age 59 1 /2), then a 10% penalty tax (plus interest) may be imposed retroactively on any annuity payments received before the policy owner attained age 59 1 /2. The 10% penalty tax would be in addition to the ordinary income tax on the taxable amount of the lump sum withdrawal. The policy owner should consult with his or her own tax advisor prior to exercising a withdrawal feature under an immediate annuity. For most jurisdictions, the policy form numbers for the New York Lifetime Income Annuity are: for the Life Only Annuity; for the Primary and Secondary Joint Life Annuity; for the Life Annuity With Percent of Premium Death Benefits; for the Life Annuity With Cash Refund; for the Life Annuity With Guaranteed Period Certain; for the Primary and Secondary Joint Life Annuity With Guaranteed Period Certain; and for the Life Annuity with Installment Refund. For most jurisdictions, rider form numbers are for the Changing Needs Rider; for the Income Enhancement Rider; and for the 30% Cash Withdrawal Rider; and for the Up to 100% Cash Withdrawal Rider.
16 The Company You Keep New York Life Insurance Company New York Life Insurance and Annuity Corporation (A Delaware Corporation) 51 Madison Avenue New York, NY LIA-1077 (4/11) (Exp. 5/18/2013)
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Chapter 19 Retirement Products: Annuities and Individual Retirement Accounts Overview Thus far we have examined life insurance in great detail. Life insurance companies also market a product that addresses
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