(Photo: New York Life)
New York Life Insurance Company and Fidelity Investments are teaming up to offer a new variable annuity contract, the New York Life Premier Variable Annuity — P Series, with Investment Preservation Rider contract.
The deferred annuity contract comes with a guaranteed minimum accumulation benefit (GMAB) rider.
The GMAB rider can protect an annuity holder's principal when stock prices fall.
An analysis commissioned by New York Life shows that, in a wide range of conditions, the performance of an annuity with a GMAB rider will beat the performance of "other annuities currently offered in the marketplace," Fidelity said Monday in an annuity launch announcement.
The authors of the analysis, which was performed by CANNEX, compared the performance of a variable annuity with a GMAB rider to the performance of several different indexed annuities that are classified as fixed annuities.
