Security Mutual Life Insurance Company of New York Introduces New Immediate Annuity Product with Liquidity Features

      

BINGHAMTON, N.Y., Oct. 26 /PRNewswire/ -- Security Mutual Life announces the introduction of a new retirement income product: an immediate annuity contract. The product provides a guaranteed lifetime income to the purchaser and comes at a time when more and more baby boomers are looking to protect a level of retirement cash flow from possible stock market declines.

The Security Mutual immediate annuity offers a unique array of liquidity options that allows the annuitant to receive unscheduled lump sum payments from the contract. Traditional immediate annuities do not offer liquidity features, which has deterred many annuity candidates from seriously considering the product.

These new liquidity options -- not typical of immediate annuities -- will provide the retiree with a level of comfort, knowing that he or she has access to his or her funds in the event of a financial emergency, to take advantage of a financial opportunity or simply for whatever purpose the retiree may deem appropriate. The retiree does not have to demonstrate a hardship or otherwise provide any reason to Security Mutual for his or her exercising the liquidity option.

Under one of Security Mutual liquidity options, partial withdrawals are available as of the 5th, 10th, and 15th contract anniversaries. Another liquidity option, available with term certain annuities, permits the owner to withdraw the present value of the remaining term certain payments. Finally, the owner may at least once during the lifetime of the contract accelerate up to 50 percent of annuity income payments due in the next 12 months.

The retirement income product is available in the states of: GA, LA, MA, MD, ME, MS, NC, NH, NY, OH, PA, RI, SC, TX, VA, VT, WV. It should soon be available in a number of other states.

About Security Mutual Life Insurance Company of New York: Security Mutual was founded in 1886. Today it is one of the leading mutual life insurance companies in the United States. It does business in all fifty (50) states. Security Mutual Life is rated "A" (Excellent) by the A.M. Best. Co., the oldest and largest company devoted to issuing financial strength ratings of insurance companies. Security Mutual's "A" rating is the third highest on a 15-step rating scale.

SOURCE Security Mutual Life Insurance Company of New York