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NEW YORKNew York Life Insurance Co. has joined with AARP Financial, a Tewksbury, Mass.-based subsidiary of AARP Services Inc., to provide the AARP Lifetime Income Program, a program designed to generate a secure stream of retirement income for AARP members.
The AARP Lifetime Income Program offers annuities issued by New York Life Insurance & Annuity Corp.
New York Life has had a relationship with AARP since 1994.
After a successful pilot test in the second half of 2006, the AARP Lifetime Income Program is now available to most of AARP's 37 million members. New York Life will handle the AARP Lifetime Income Program from its dedicated service center in Tampa, Fla.
The New York-based insurer said recent research conducted by the company showed that 58% of pre-retirees surveyed thought it was important to supplement the income they will receive from Social Security or pensions by purchasing a product that provides guaranteed retirement income.