NEW YORK, Feb. 18, 2014 /PRNewswire/ - Planning for retirement is no small task. Perhaps the chief concern is making sure you have enough money for a retirement that could potentially last 30 years or even longer. To help clients make sure they have enough money for those later years, First Investors Life Insurance Company today announced the launch of its Single Pay Longevity Annuity.
The new single premium deferred income annuity offers individuals the opportunity to receive guaranteed future retirement income in exchange for a single purchase payment. "We are very excited about this new annuity product," says Carol Springsteen, President of First Investors Life. "It is designed for individuals who seek a 'financial backstop' that guarantees supplemental income as part of a diversified retirement strategy. The annuity is intended for those individuals who don't need income now, but would like to lock in a future guaranteed income stream during their retirement years."
Key features include:
- Flexibility Contracts can be issued from ages 45-80; plus, you have an opportunity to change your income start date.
- Simplicity Easy to understand and integrate into your retirement income strategy.
- Predictability Provides guaranteed lifetime income that is not subject to stock or bond market risk.
- Security You have the peace of mind of knowing your payments begin on the date you select and will arrive on the same day every month for the rest of your life.
- Higher Income The longer you defer the income start date, the higher your monthly payments will be.
- No annual or recurring fees or charges
The Single Pay Longevity Annuity offers two convenient monthly payout options*:
- Single Life Provides lifetime income benefits for one person only.
- Joint & Survivor Life Provides lifetime income benefits on two individuals as long as one or both are living.
"What's so appealing about this product," adds Springsteen, "is that it acts like a pension and provides regular payments for as long as you live. You simply make an initial payment, select a future income start date, at which time you will begin to receive guaranteed monthly income payments for the rest of your life. As a result, you don't need to worry about outliving your retirement assets."
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.
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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Annuity contracts 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 and insurance policies contain certain exclusions, limitations and other terms for keeping them in force. For complete costs and details, see your First Investors Representative. Annuity contract and life insurance policy guarantees apply only to certain insurance features and are subject to the claims-paying ability and financial strength of First Investors Life.
For more complete information about the Single Pay Longevity Annuity, contact your First Investors Representative, write to us at the address below, call 1-800-832-7783 or visit our website at www.firstinvestors.com. A longevity annuity is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.
Neither First Investors Life Insurance Company 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.
*Chosen at the time of purchase.
Foresters™ is the trade name and a trademark of The Independent Order of Foresters ("Foresters"), a fraternal benefit society. Its subsidiary, First Investors Consolidated Corporation ("First Investors"), is licensed to use this mark. First Investors Corporation is a subsidiary of First Investors Consolidated Corporation. All securities products are offered through First Investors Corporation. First Investors life insurance and annuities are issued by First Investors Life Insurance Company and distributed by First Investors Corporation.
The Single Pay Longevity Annuity contracts are issued by:
First Investors Life Insurance Company
40 Wall Street
New York, NY 10005
First Investors Corporation
40 Wall Street
New York, NY 10005
Each company is a wholly owned subsidiary of First Investors Consolidated Corporation.
- Retirement Benefits