Product guide

Guaranteed Lifetime Income Annuity II

A SPIA from New York Life · reviewed from official materials, July 2026

New York Life's flagship lifetime income annuity: a single premium becomes income for life, quoted as a payout rate that is not an interest rate.

The decoder

Reading the quote

A payout rate, framed at its maximum

The rates New York Life displays for this product can look remarkably high — but their own footnote is explicit: the payout rates "include both interest and return of principal" and "represent the annualized payout as percent of total premium." The displayed figures also assume the strongest framing: a male annuitant, $100,000, life-with-cash-refund; female payouts are lower because women live longer. It is a measure of how fast your money comes back with interest for life, not a return on your money.

This is the classic single premium immediate annuity: hand NYLIAC (New York Life's Delaware subsidiary) a premium, and income begins within twelve months and continues for life under the payout option you choose. Options that add protection — period-certain guarantees, cash refund — lower the quoted payout; the life-only form quotes highest because it can end with nothing paid beyond the last check.

Riders elected at issue reshape the quote further: an annual increase option (1–4% per year) starts the income lower in exchange for growth, and joint-life options continue income to a survivor at a reduced payout. The contract itself has no surrender value; two limited withdrawal features exist, both subject to an interest-rate adjustment tied to the 10-year Treasury.

For the fit against a fixed payment stream: this product insures a lifespan; a stream pays a schedule. The full comparison is on our SPIA decoder page.

Key structural terms

Minimum premium: $10,000 (may vary by state and option)
Issue ages: Nonqualified 0–95; qualified 18–89
Income start: Within 12 months of purchase
Cash value: None — the contract is irrevocable
Payout options: Life only; life with period certain (5–30 yrs); cash or installment refund
Liquidity features: Limited 30%/100% cash-withdrawal features, adjusted by Treasury-rate changes

Structural terms summarized from New York Life's official product materials as reviewed in July 2026. Terms vary by state and change over time — confirm every detail with the carrier or its representative before acting. Current rates are deliberately not printed here.

The comparison

Against a payment stream

A guaranteed payment stream quotes a true effective yield on a fixed schedule that pays regardless of any life — and whatever remains is your estate's. (Life-contingent streams are different: they pay only while the original payee lives, at higher estimated yields, with a life-insurance hedge protecting the investor's yield.) A SPIA covers the one risk a fixed schedule cannot: living far beyond it. Many investors hold both for different jobs.

The family mechanics are covered in our SPIA decoder; what the secondary market pays right now is on the current estimated yields page. And because New York Life also stands behind payment streams we list, its role as an issuer is profiled on our New York Life carrier page.

View Available Income Options About New York Life

Guaranteed Lifetime Income Annuity II questions

Is New York Life's lifetime income rate an interest rate?

No — their own rates page says the payout rates "include both interest and return of principal" and represent the annualized payout as a percent of premium. A 7% payout rate at 65 means you receive 7% of your premium per year, most of which is your own money returning; the internal rate of return depends on how long you live.

What these assets are, and what they are not

Guaranteed and life-contingent structured settlement payment rights, and lottery payment rights, represent the right to receive factored payments that Pacific Structured Assets purchases and assigns to investors through a court-approved process. They are purchased at a discount to their total scheduled payments.

These payment rights are NOT annuities, NOT insurance products, and NOT securities registered with the U.S. Securities and Exchange Commission. They are not bank deposits, are not FDIC-insured, and are not protected by any state insurance guaranty association. The industry term “secondary market annuity” refers to these payment rights and does not mean you are purchasing an insurance annuity contract.

You acquire the right to receive the payments, not the underlying annuity. The annuity itself does not change hands. Unlike the original structured settlement annuity, which may be shielded from creditors under applicable law, the assigned payment rights you purchase generally do not carry that creditor or bankruptcy protection.

Assigned annuities, offered as a separate product line, are existing insurance annuity contracts reassigned to a new owner through a change of ownership or an irrevocable change of payee.

These are long-term holdings with limited liquidity, and may not be suitable for every investor. There is no public trading market and no daily price. Resale or reassignment of a payment stream to another buyer may be possible, and Pacific Structured Assets can assist, but a resale is not guaranteed and the price it would bring is not guaranteed. Because the payments are fixed, that resale value moves with prevailing interest rates: an investor could realize a gain if rates have fallen since purchase, or a loss if rates have risen. These holdings are best suited to capital an investor can commit for the long term. Nothing on this website is tax, legal, financial, or investment advice. Consult your own advisors before investing.

Pacific Structured Assets, Inc. is an independent company. We are not affiliated with, endorsed by, sponsored by, or otherwise connected to any insurance company, annuity issuer, state lottery, or other payment obligor named on this website. Issuer and carrier names are used solely to identify the entity obligated to make the scheduled payments on a particular payment stream. All company names, trademarks, and service marks are the property of their respective owners; their appearance here is for identification purposes only and does not imply any partnership, agency, sponsorship, endorsement, or other business relationship. No issuer named on this website has reviewed, approved, or endorsed any of its content.

Pacific Structured Assets does not sell, distribute, or advise on Guaranteed Lifetime Income Annuity II or any newly issued insurance product. This page is independent education for investors comparing income options.

Pacific Structured Assets

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