AARP Financial and New York Life Insurance Co. introduced a line of insurance products Wednesday for AARP members.
The AARP Lifetime Income Program is designed to help generate a secure stream of retirement income through fixed immediate annuities issued by New York Life and Annuity Corp., a New York Life subsidiary.
The program, which was tested in the second half of last year, is available to most of AARP's 37 million members. New York Life will handle the program from its dedicated service center in Tampa.
Lifetime income annuities provide a stream of guaranteed income payments for life, no matter how long the investor lives. The investor selects the amount of income to guarantee and purchases an annuity in the amount required to establish that income stream.
The AARP Lifetime Income Program sets a minimum premium of $5,000 to begin a lifetime stream of income.
