Fidelity Investments recently teamed up with New York Life to launch the new deferred variable annuity product, the New York Life Premier Variable Annuity–P Series, featuring the Investment Preservation Rider. The new annuity provides investors with growth potential while ensuring guaranteed principal protection. According to a Business Wire press release, P Series also offers market participation with downside protection through a simpler product design when compared to other annuities currently offered in the marketplace.
“We want to offer investors a product that is simple and easy to understand, while also providing confidence during periods of market volatility,” said Bill Johnson, president of Fidelity Investments Life Insurance Company.
A recent study, conducted by Cannex, confirmed that this type of annuity can provide a “competitive guarantee” similar to other products protecting investors’ principal from loss, while simultaneously offering opportunities for growth. Additionally, the new variable annuity has the benefit of easy to understand pricing.
“We’ve observed there is a fundamental disconnect between pre-retirees’ risk tolerance and risk need. Fear of losing their hard-earned nest eggs has driven their underinvestment in equities, leaving many to fall short of their retirement goals,” said Dylan Huang, senior managing director & head of Retail Annuities, New York Life. “This new solution empowers clients to plan for retirement confidently, knowing that 100 percent of the money invested is protected against market declines over a 10-year period.”
The addition of this new product further builds upon the strong foundation built by Fidelity Investments and New York Life. Fidelity currently offers several New York Life annuity products that help investors meet their retirement and investment goals, including the New York Life Guaranteed Lifetime Income Annuity II, New York Life Guaranteed Future Income Annuity II, New York Life Clear Income Fixed Annuity – FP Series, New York Life Guaranteed Period Income Annuity II, and New York Life Secure Term MVA Fixed Annuity IV.
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Written by Rachel Summit