Deferred Income Annuities Overview (2024)

Issuer

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MassMutual RetireEase Choice^SM Flexible Premium Deferred Income Annuity

Massachusetts Mutual Life Insurance Company

>

New York Life Guaranteed Future Income Annuity II

New York Life Insurance and Annuity Corporation

>

Pacific Life Pacific Secure Income

Pacific Life Insurance Company and, in New York, issued by Pacific Life & Annuity Company

>

Western & Southern IncomeSource® Select Deferred Income Annuity

Integrity Life Insurance Company and in New York, National Integrity Life Insurance Company

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• Financial Strength—Standard & Poors²

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• MassMutual RetireEase Choice^SM Flexible Premium Deferred Income Annuity

  Massachusetts Mutual Life Insurance Company

  • AA+

  >

• New York Life Guaranteed Future Income Annuity II

  New York Life Insurance and Annuity Corporation

  • AA+

  >

• Pacific Life Pacific Secure Income

  Pacific Life Insurance Company and, in New York, issued by Pacific Life & Annuity Company

  • AA-

  >

• Western & Southern IncomeSource® Select Deferred Income Annuity

  Integrity Life Insurance Company and in New York, National Integrity Life Insurance Company

  • AA-

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  • Issue Ages

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  • MassMutual RetireEase Choice^SM Flexible Premium Deferred Income Annuity

    • Non-qualified and Roth IRA⁴¹: 22-88
    • Qualified (non-QLAC)⁴¹: 22-70, annuitant²⁷; joint annuitant can be 22-88
    • Qualified Longevity Annuity Contract (QLAC)^26,41: 43-83, annuitant; joint annuitant can be 22-88

    >

  • New York Life Guaranteed Future Income Annuity II

    • Non-qualified: 0–80, owner(s) / annuitant(s)
    • Qualified: 18–70, owner/annuitant; joint annuitant can be 18–80 and must be a spouse³
    • Roth IRA: 20–80 (Owner/annuitant(s) with a Roth IRA in place for at least five calendar years before the year in which income payments start. Joint annuitants must be spouses. Policy owner must be at least 59½ when income begins, not at purchase. Joint annuitants must independently satisfy both the 5-year holding period and age 59½ income start date requirements.)
    • Qualified Longevity Annuity Contract (QLAC): 31–80, owner/annuitant(s)

    >

  • Pacific Life Pacific Secure Income

    • Non-qualified⁴: 22–85
    • Traditional IRA⁴: 22–68
    • Roth IRA⁴: 22–85
    • Qualified Longevity Annuity Contract (QLAC)⁴: 22–82

    >

  • Western & Southern IncomeSource® Select Deferred Income Annuity

    • Non-qualified and Roth IRA: 18-83
    • Qualified (non-QLAC): 18-70
    • Qualified Longevity Annuity Contract (QLAC): 31-83

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    • Maximum Purchase

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    • MassMutual RetireEase Choice^SM Flexible Premium Deferred Income Annuity

      $1,000,000²⁸

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    • New York Life Guaranteed Future Income Annuity II

      $1,000,000⁵

      >

    • Pacific Life Pacific Secure Income

      $1,000,000⁶

      >

    • Western & Southern IncomeSource® Select Deferred Income Annuity

      $2,000,000³¹

      >

  See more deferred income annuities comparisons.

  Additional Purchase

  MassMutual RetireEase Choice Deferred Income Annuity

  • Minimum subsequent purchase³⁰: $500
  • Additional purchase payments may be made²⁸ at any time up to 13 months before the income start date
  • Future income payments are based on rates at the time each individual purchase payment is made

  New York Life Guaranteed Future Income Annuity II

  • Minimum subsequent purchase⁵: $100
  • Additional purchase payments may be made at any time up to two years before the income start date⁷
  • Future income payments are based on rates at the time each individual purchase payment is made

  Pacific Life Pacific Secure Income

  • Minimum subsequent purchase^6,8: $500
  • Additional purchase payments may be made at any time up to 13 months before the income start date^6,8
  • Future income payments are based on rates at the time each individual purchase payment is made

  Western & Southern IncomeSource Select Deferred Income Annuity

  • Minimum subsequent purchase: $1,000
  • Additional purchase payments may be made at any time up to 13 months before the income start date
  • Future income payments are based on rates at the time each individual purchase payment is made
    

  Time Before Income Begins

  MassMutual RetireEase Choice Deferred Income Annuity

  • Minimum of 13 months
  • Maximum of 30 years

  New York Life Guaranteed Future Income Annuity II

  • Minimum of two years
  • Maximum of 40 years

  Pacific Life Pacific Secure Income

  • Minimum of 13 months
  • Maximum of 30 years

  Western & Southern IncomeSource Select Deferred Income Annuity

  • Minimum of 13 months
  • Maximum of 40 years
    

  Income Start Date

  MassMutual RetireEase Choice Deferred Income Annuity

  • Selected at the time of purchase
  • Annuity date adjustment³¹feature allows the policy owner to accelerate or defer the income start date to any date start five years earlier or five years later from the original income start date selected. This option may be exercised once.

  New York Life Guaranteed Future Income Annuity II

  • Selected at the time of purchase
  • Flexible income start date⁹feature allows the policy owner to accelerate the income start date to any date 13 months after the latest premium payment or defer it up to 5 additional years from the original income start date selected.¹⁰This option may be exercised once and is not available on Life Only policies.

  Pacific Life Pacific Secure Income

  • Selected at the time of purchase
  • Annuity payment start date^11,12adjustment feature allows the policy owner to accelerate the income start date five years earlier or five years later than the original income start date selected.¹³This option may be exercised once and is not available on Life Only or Period Certain annuity income options.

  Western & Southern IncomeSource Select Deferred Income Annuity

  • Selected at the time of purchase
  • Income date change³² feature allows the policy owner to change the start date up to 60 months earlier or 60 months later than the original income start date selected. Important note: This option may be exercised twice in conjunction with an income payment frequency change. In other words, a change to the income date or income frequency will count toward the two times allowed.
    

  Payout Options

  MassMutual RetireEase Choice Deferred Income Annuity

  • Life Only with No Death Benefit
    Generally, this option pays the highest income. Income payments are guaranteed for one life (or two lives for Joint Life option). On or after the annuity date, payments stop at the annuitant's death. For the Joint Life option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant. There is no death benefit.³³ This annuity option is only available with a ten year minimum deferral.
    
  • Life with Period Certain
    Income payments are guaranteed for one life (or two lives for Joint Life option), or for a guaranteed period (10 to 30 years, chosen at the time of purchase), whichever is longer. On or after the annuity date, if the annuitant (or either annuitant for Joint Life option) lives beyond the guaranteed period, payments will continue as long as the annuitant is living. If the annuitant (or both annuitants for Joint Life option) dies prior to the end of the guarantee period, income payments continue to the spouse or beneficiary(ies) for the remainder of the guarantee period. If the first owner or last annuitant dies prior to the annuity date, the beneficiary receives a death benefit equal to the total amount of purchase payments.^34,35,36
    
  • Life with Cash Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the purchase payments, the spouse or beneficiary(ies) will receive a lump sum equaling the premium minus income payments received.^34,36
    
  • Life with Installment Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the purchase payments, the spouse or beneficiary(ies) will continue to receive the scheduled income payments (installments) until the purchase payment amount is fully recovered. The beneficiary instead may elect to receive the present value of any remaining income payments in a lump sum.^34,36

    Note: MassMutual offers joint and survivor life annuity options that can be converted to the corresponding single life annuity options, if one annuitant dies before annuity payments begin. The availability of all payout options depends on plan type.

  New York Life Guaranteed Future Income Annuity II

  • Life Only
    Generally, this option pays the highest income. Income payments guaranteed for one life (or two lives for a Joint Life Only policy). Payments stop at the annuitant's death. For the Joint Life Only option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant. There is no death benefit.
    
  • Life with Period Certain
    Income payments guaranteed for one life (or two lives for a Joint Life policy), or for a guaranteed period (10 to 30 years, chosen at the time of purchase), whichever is longer. If the annuitant (or either annuitant in a Joint Life policy) lives beyond the guaranteed period, payments will continue as long as the annuitant is living. If the annuitant (or both annuitants in a Joint Life policy) dies prior to the end of the guarantee period, income payments would continue to the beneficiary(ies) for the remainder of the guarantee period.^14,15,16
    
  • Life with Cash Refund
    Income payments guaranteed for one life (or two lives for a Joint Life policy). This option guarantees that if the annuitant (or both annuitants for a Joint Life policy) dies before the income payments received equal the premium paid, the beneficiary(ies) will receive a lump sum equaling the premium minus income payments received.¹⁷
    
  • Life with Installment Refund
    Income payments guaranteed for one life (or two lives for a Joint Life policy). This option guarantees that if the annuitant (or both annuitants for a Joint Life policy) dies before the income payments received equal the premium paid, the beneficiary(ies) will continue to receive the scheduled income payments (installments) until the premium is fully recovered.^14,16,17

  Pacific Life Pacific Secure Income

  • Life Only
    Generally, this option pays the highest income. Income payments are guaranteed for one life (or two lives for Joint Life option). On or after the Annuity Start Date, payments stop at the annuitant's death. For the Joint Life option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant. There is no death benefit if the first owner or the last annuitant dies prior to the Annuity Start Date.
    
  • Life with Period Certain
    Income payments are guaranteed for one life (or two lives for Joint Life options), or for a guaranteed period (5 to 30 years, chosen at the time of purchase), whichever is longer. On or after the Annuity Start Date, if the annuitant (or either annuitant for Joint Life option) lives beyond the guaranteed period, payments will continue as long as the annuitant is living. If the annuitant (or both annuitants for Joint Life option) dies prior to the end of the guarantee period, income payments continue to the spouse or beneficiary(ies) for the remainder of the guarantee period. If the first owner or last annuitant dies prior to the Annuity Start Date, a death benefit equal to the total amount of purchase payments will become payable.^14,18,19
    
  • Period Certain Only
    Income payments guaranteed for a specified period of time, 5 to 30 years. Single only. This option guarantees that if the annuitant dies during the specified time, income payments continue to the beneficiary(ies) for the remainder of the guarantee period.^14,19
    
  • Life with Cash Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the premium paid, the spouse or beneficiary(ies) will receive a lump sum equaling the premium minus income payments received.¹⁷
    
  • Life with Installment Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the premium paid, the spouse or beneficiary(ies) will continue to receive the scheduled income payments (installments) until the purchase payment amount is fully recovered.^14,18
    
  • Life Only with 100% Return of Purchase Payments Death Benefit
    The death benefit is equal to 100% of the purchase payment if death occurs prior to the annuity income start date. Income payments are guaranteed for one life (or two lives for Joint Life option). Payments stop at the annuitant's death. For the Joint Life option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant.

  Western & Southern IncomeSource Select Deferred Income Annuity

  • Life Only
    Generally, this option pays the highest income. Income payments are guaranteed for one life (or two lives for Joint Life option). On or after the annuity date, payments stop at the annuitant's death. For the Joint Life option, income payments continue as long as one annuitant is alive and stop at the death of the last surviving annuitant. There is no death benefit.³⁷
    
  • Life with Period Certain
    Income payments are guaranteed for one life (or two lives for Joint Life option), or for a guaranteed period (5 to 30 years, chosen at the time of purchase), whichever is longer. On or after the annuity date, if the annuitant (or either annuitant for Joint Life option) lives beyond the guaranteed period, payments will continue as long as the annuitant is living. If the annuitant (or both annuitants for Joint Life option) dies prior to the end of the guarantee period, income payments continue to the spouse or beneficiary(ies) for the remainder of the guarantee period.^14,37
    
  • Period Certain
    Income payments will be made for a guaranteed period of time, 5 to 30 years. If the annuitant dies prior to the end of the guaranteed period, the beneficiary will receive the remaining payments until the end of the period certain.^14,37
    
  • Life with Cash Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the premiums, the spouse or beneficiary(ies) will receive a lump sum equaling the premium minus income payments received.³⁷
    
  • Life with Installment Refund
    Income payments guaranteed for one life (or two lives for Joint Life option). This option guarantees that if the annuitant (or both annuitants for Joint Life option) dies before the income payments received equal the premiums, the spouse or beneficiary(ies) will continue to receive the scheduled income payments (installments) until the purchase payment amount is fully recovered.^14,37

  Period Certain Income Options

  MassMutual RetireEase Choice Deferred Income Annuity

  • 10-30 years^34,35,36

  New York Life Guaranteed Future Income Annuity II

  • 10–30 years

  Pacific Life Pacific Secure Income

  • 5–30 years¹⁹

  Western & Southern IncomeSource Select Deferred Income Annuity

  • 5-30 years

  Joint Income Continuation Options

  MassMutual RetireEase Choice Deferred Income Annuity

  • 100%
  • 75%
  • 66⅔%
  • 50%

  New York Life Guaranteed Future Income Annuity II

  • 100%
  • 40%–99% with Reduction of Income Option for Joint Life Only and Joint Life with Period Certain polices. Income reduction percentage must be chosen at the time of purchase.

  Pacific Life Pacific Secure Income

  • 100%
  • 75%
  • 67%
  • 50%

  Western & Southern IncomeSource Select Deferred Income Annuity

  • 100%
  • 50%-95%

  Death Benefit Before Income Start Date

  MassMutual RetireEase Choice Deferred Income Annuity

  • Life Only: None
  • All other payment options: Return of purchase payments³⁸

  If death occurs after income begins, the selected payout option will determine if any additional income payments will be made.

  New York Life Guaranteed Future Income Annuity II

  • Life Only: None
  • All other payment options: Return of premium

  If death occurs after income begins, the selected payout option will determine if any additional income payments will be made.

  Pacific Life Pacific Secure Income

  • Life Only: None
  • Life Only with 100% Return of Purchase Payments Death Benefit: The death benefit is equal to 100% of the purchase payment if death occurs prior to the annuity income start date.
  • All other payment options: Return of premium

  If death occurs after income begins, the selected payout option will determine if any additional income payments will be made.

  Western & Southern IncomeSource Select Deferred Income Annuity

  • For all contracts selecting the Return of Premium Death Benefit Option: Return of all premiums.

  For contracts without the Return of Premium Death Benefit Option elected, no death benefit will be paid if the annuitant and joint annuitant (if applicable) die before the Income Date. If death occurs after income begins, the selected income payout option will determine if any additional income payments will be made.

  Additional Features

  MassMutual RetireEase Choice Deferred Income Annuity

  • Annuity Payment Acceleration
    For non-qualified policies with monthly payments. You may request a lump-sum payment of three or six monthly annuity payments. Limited to five requests over the life of the contract. Regular annuity payments must resume before another request can be made.³⁹
    
  • MassMutual Inflation Protector^SM
    Choose to increase your annuity payments by 1% to 4% each year. Must be selected at the time of purchase and cannot be canceled or changed.

  New York Life Guaranteed Future Income Annuity II

  • Payment Acceleration
    For non-qualified policies with monthly payments. This allows policy owners after age 59½ to receive the next scheduled monthly payment, along with five subsequent payments, for a total of six months of income payments paid all at once.²⁰May be used two times during the life of the policy.¹⁴
    
  • Annual Increase Option
    Choose to increase your income payments by 1% to 3% each year. Must be selected at the time of purchase, and the policy owner must be at least 59½.

  Pacific Life Pacific Secure Income

  • Income Payment Acceleration
    For non-qualified, Traditional IRA,²¹and Roth IRA²¹policies with monthly payments. This allows policy owners after age 59½ to receive a total of three or six months of income payments, paid all at once.²²May be used two times during the life of the policy.¹⁴
    
  • Withdrawal of Guaranteed Income Payments
    For non-qualified policies.²³Available after the first income payment has been made; receive a lump sum up to 100% of the present value of remaining guaranteed payments after age 59½.²⁴
    
  • Inflation Protection Option
    Choose to increase your income payments by 2% to 4% each year. Must be selected at the time of purchase.²⁵

  Western & Southern IncomeSource Select Deferred Income Annuity

  • Accelerated Payment Feature
    For policies with monthly payments. This allows policy owners age 60 and older to receive the next scheduled monthly payment, along with five subsequent payments, for a total of six months of income payments paid all at once. May be used two times during the life of the policy.¹⁴
    
  • Increasing Payout Option
    Choose to increase your income payments by 1% to 5% each year. Must be selected at the time of purchase and cannot be canceled or changed.^14,40
    

  What other factors should I be aware of when considering a deferred income annuity?

  The purchase of a deferred income annuity is irrevocable, meaning you generally cannot surrender this type of annuity in exchange for a contract value. Payments from a deferred income annuity are subject to ordinary income tax, but for non-qualified policies that benefit from an exclusion ratio, a portion of your payments may not be subject to further taxation.

  Deferred income annuities can have an optional cost-of-living adjustment—where income payments for the same premium amount will initially be smaller than policies without this feature but will increase each year at the percent chosen—or optional death benefits (a deduction from your premium that pays for the guarantees that the optional benefits provide).

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