First Investors Life Introduces Flexible Pay Longevity Annuity to Help Clients Make Sure They Have Enough Assets For Their Retirement Years
NEW YORK, Jan. 27, 2015 /CNW/ - Planning for retirement invariably comes down to one simple question: Will you have enough money to last the rest of your life? If you are like many individuals facing retirement, the question can be a real cause for concern and one that confronts more than 79 million Baby Boomers. To help clients make sure they have enough assets for their retirement years, First Investors Life Insurance Company today announced the launch of its Flexible Pay Longevity Annuity.
"We are very excited about this new deferred income annuity product," says Carol Springsteen, President of First Investors Life. "This annuity is designed for individuals who would like to lock in a future guaranteed¹ income stream for their retirement years, but don't have a large amount of discretionary funds and would prefer the convenience of flexible purchase payments."
"As people live longer," Springsteen adds, "and with company pensions increasingly a thing of the past, individuals must depend on their savings and investments to supplement their Social Security income, but will they outlive their nest egg. With this product, they don't need to worry about outliving their retirement assets."
Key Features of the Flexible Pay Longevity Annuity:
- Planned Purchase Payment: You decide the amount and frequency of the purchase payments into the annuity, which can be made monthly, quarterly, semi-annually or annually.
- Guaranteed¹ Values: Each purchase payment you make generates a specific amount of guaranteed¹ income.
- Income Start Date: You choose the income start date which determines when you will begin receiving your annuity payments which are guaranteed¹ for life.
- Potential for Higher Income: The longer you defer your income start date, the higher your monthly payments will be.
- Flexibility Annuity contracts can be issued from ages 20-70 and you can defer or accelerate your income start date one time if your personal needs change.
"This is an excellent retirement product," says Springsteen, "one that we feel works perfectly with our recently launched Single Pay Longevity Annuity. While the Single Pay is ideal for clients who can afford to fund it in one lump sum, the Flexible Pay Longevity Annuity is ideal for clients who have yet to accumulate large cash amounts and want the convenience that comes with flexible premium payments."
¹ All guarantees are subject to the financial strength and claims-paying ability of First Investors Life Insurance Company.
First Investors Corporation, a financial services leader, is committed to helping individual and institutional customers reach their financial goals through a variety of products and services, including mutual funds, life insurance, annuities, retirement-related services and investment management. For more information, please visit firstinvestors.com.
Foresters™ is the parent organization of First Investors. Founded in 1874, the fraternal benefit society has over one million members in Canada, the United States and the United Kingdom and supports family well-being through quality products, unique member benefits and inspiring community activities. For more information, please visit foresters.com.
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Annuities are offered by First Investors Life Insurance Company and distributed by First Investors Corporation; each is a wholly owned subsidiary of First Investors Consolidated Corporation (FICC).
Annuity contracts contain exclusions and limitations as well as terms for keeping them in force and for the payment of benefits. For complete costs and details, see your Representative. Contract guarantees apply only to certain annuity features and are subject to the claims-paying ability and financial strength of First Investors Life.
Contract availability and features are subject to eligibility criteria and state variations. Annuities are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Neither First Investors nor its affiliates provide legal, tax or estate planning services. Should you require such services, you should consult a legal, tax or estate planning professional.
First Investors Life Insurance Company has been serving the needs of clients since 1962. Today, with our affiliated companies, we offer a wide range of financial products and services including mutual funds, annuities and life insurance.
Foresters™ is the trade name and a trademark of the Independent Order of Foresters (Foresters), a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9. Its subsidiary, First Investors Consolidated Corporation (First Investors), is licensed to use this mark. First Investors Corporation and First Investors Life Insurance Company are subsidiaries of First Investors Consolidated Corporation. All securities products are offered through First Investors Corporation.
Flexible Pay Longevity Annuity contracts are issued by:
First Investors Life Insurance Company
40 Wall Street
New York, New York 10005
First Investors Corporation
SOURCE First Investors Corporation