Frequently Asked Questions
If you require further assistance, please call 1-800-762-6212, Monday through Friday 8:30 a.m. to 5:30 p.m., or e-mail us.
How do I access my policy online?
To access your policy information, on the top of the screen, in the grey bar, click on "Policyholders". You will need a "User Name" and "Password" to access your policy. If you are accessing your policy online for the first time, click on the button that says "First Time User? Register Here." You will have to enter your last name, the last four digits of your Social Security number, PIN, and date of birth. If you do not know your PIN, please call the service center at 1-800-762-6212, Monday through Friday from 8:30 a.m. to 5:30 p.m.
What is available to me when I login as a Policyowner?
You can view policy information, statements, and transaction history. If you have previously submitted a Telephone/Web Authorization form, you will also have the ability to change your address, request a partial withdrawal, or request a one time variable sub account transfer.
What does the Telephone/Web Authorization form allow?
Inquiry only Telephone/Web Authorization allows authorized third parties access to your policy information. Transaction Authority allows individual owners, the representatives on record, and authorized third parties to request certain transactions, such as partial distributions, over the phone or on the web site. You can elect Telephone/Web Authorization by submitting a completed Telephone/Web Authorization form to the New York Life Service Center. You can find that information on the form.
What is the difference between Qualified versus Non-qualified Annuities?
Qualified annuities are retirement accounts such as IRAs and are typically purchased with pre-tax dollars. Distributions made from Qualified annuities are 100% taxable, as both the original prinicipal you invested and the earnings are subject to taxes.
Non-qualified annuities are funded with after-tax dollars. Generally, only the earnings are taxable when distributions are made from non-qualified annuities. The portion that is considered a return of your original principal is not subject to taxes.
What are "Surrender Charges?"
Surrender charges are back-end fees calculated as a percentage of the amount withdrawn that is in excess of your surrender free amount. These charges decline to zero over a period of time. After the surrender charge period is over, your full accumulation value may be available to you without any surrender charges.
Am I required to take a RMD from my New York Life Annuity?
The Internal Revenue Service generally requires that you withdraw a minimum amount from your IRA or retirement plan account each calendar year once you reach age 70½. This minimum amount is called the Required Minimum Distribution (RMD).
For the year in which you reach age 70½, the Internal Revenue Service allows you to postpone your first RMD until April 1 of the following year. However, you will be required to take two distributions the following year – your first RMD by April 1st and your second RMD by December 31st.
If you fail to take your RMD, you may be subject to Internal Revenue Service penalties.
Can an Attorney-in-Fact or Conservator act in the capacity of a fiduciary on my behalf?
Yes, if we receive a notarized Power-of-Attorney for the Attorney-in-Fact or court order granting Conservatorship for the Conservator.
How do I name a beneficiary on my annuity?
You man name individuals or entities, such as Trusts and Corporations, as beneficiary on your annuity. Beneficiaries can be classified as Primary Beneficiaries (first class) or Contingent Beneficiaries (second class). A percentage for each beneficiary named is required if two or more beneficiaries are named in the same class.
How do I change my address?
Can I change my Beneficiaries?
You (the policyowner) may change your Beneficiaries at any time while you contract is in force. To update your Beneficiaries, submit a completed Owner/Beneficiary Change form. We will record the change effective as of the date your form was signed.
How do I report a death of an owner or annuitant?
Contact the NYL Annuity Service Center upon the death of an owner or annuitant. Provide the date of death and Beneficiary contact information if available. You can download a kit with instructions, or request it when contacting the Service Center.
Do you require an original death certificate to process a claim?
Yes. We require at least one original or certified copy of the death certificate with a raised seal to process a claim.
What do you require for the executor of the policyowner's estate to obtain policy information?
We require the policyowner's original death certificate and a copy of the Letters Testamentary granted by a local court.
When does the death benefit become payable to the contingent beneficiaries?
Contingent Beneficiaries (second class) receive death benefits if there are no surviving primary Beneficiaries (first class) at the time the death benefit becomes payable.
What is the difference between nominal rate versus effective annual interest rate?
New York Life Fixed Deferred Annuities pay effective annual interest rates. The effective annual rate is the rate of interest that accounts for the effect of daily compounding over a year. The nominal interest rate is the rate of interest without the full effect of compounding.
Please note this content is provided for general information purposes only and is a brief explanation of some complex topics. Product features and benefits will vary by product. New York Life, nor its affiliates provides tax, legal or accounting advice. Please consult your own tax, legal or accounting professional regarding your specific situation.1543484