New York Life Guaranteed Lifetime Income vs Global Atlantic ForeCertain: SPIA Payout Rates Compared (2026)
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Independently reviewed & last updated 2026-09-25
Head to head · New York Life vs Global Atlantic ForeCertain · compiled October 18, 2026 from the dated sources below
Short answer: For a 70-year-old man, single life with cash refund, New York Life’s published rate is higher: 8.58% a year vs 7.91%. The tables have different effective dates, so ask both for same-day quotes.
| New York Life Guaranteed Lifetime Income II | Global Atlantic ForeCertain | |
|---|---|---|
| Male 70, single life with cash refund | 8.58% of premium a year (nylannuities.com rates, effective 9/21/2026) | 7.91%, $659.54 a month per $100,000 (rates page table effective 1/1/2026, checked 10/4/2026) |
| Male 65, same option | 7.94% a year (effective 9/21/2026) | Not on its public table (ages 70 to 80 only) |
| AM Best | A++ | A (Excellent), as of 6/30/2025 per Global Atlantic |
Sources: New York Life rates and Global Atlantic ForeCertain rates. Female payouts are lower. See also the Global Atlantic SPIA review.
Short answer
How much does a New York Life immediate annuity pay?
On New York Life's rates effective September 21, 2026, its Guaranteed Lifetime Income Annuity II paid a 65-year-old man 7.94% of the premium a year for single life (7.32% joint), with a cash refund option. That is about $7,940 a year on $100,000. At 70 the single-life figure was 8.58%. The income is guaranteed for life, backed by the claims-paying ability of the issuing insurer, and New York Life is rated A++ by AM Best.
Female payouts are lower, and rates change often, so get a same-day quote for your exact age before you buy.
Last updated: September 25, 2026
| Age (male, $100,000) | Single life / Joint life, % of premium a year | Source, as of |
|---|---|---|
| 65 | 7.94% / 7.32% | nylannuities.com rates, effective 9/21/2026 |
| 70 | 8.58% / 7.81% | nylannuities.com rates, effective 9/21/2026 |
| 75 | 9.49% / 8.57% | nylannuities.com rates, effective 9/21/2026 |
| 85 | 12.46% / 11.15% | nylannuities.com rates, effective 9/21/2026 |
Life with cash refund payout option. Female payouts are lower; rates change often and vary by age, payout option and premium.
If you want an immediate annuity (SPIA) for guaranteed lifetime income, New York Life Guaranteed Lifetime Income is the one I measure the others against. NY Life is one of the few carriers rated A++ by AM Best (the top rating), and a SPIA is the simplest annuity there is: one premium in, guaranteed income out, for life.
Below I cover how a SPIA works, when it beats an FIA, and where NY Life comes out ahead.
Also see: EquiTrust Life SPIA Review
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $119,099 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $123,840 |
| Tax deferral alone adds about | $804 |
| MYGA ahead of the CD, after tax | $4,741 |
Assumes 22% federal and 6.85% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Video: New York Life Guaranteed Lifetime Income SPIA, Honest Review in about 2 minutes
1 min 53 sec video. AI narration of this page, accuracy-checked against the review; the tables on this page are the current source. Education, not personal advice.
Video transcript
So, checking out the Goldstein Complexity Index, the standout metric for this product is a very specific score, 8 out of 100. That earns it a grade A+ for transparency. Honestly, the main reason to own this thing is its absolute simplicity. It does one thing right in plain sight. You put one premium in, and you get guaranteed income out, which again is backed by the insurer's claims-paying ability. For life. And to be totally precise, these are the exact nylannuities.com rates effective 9/21/2026. For a male depositing $100,000 at age 65, the single life payout is 7.94% of premium a year, and joint life is 7.32%. If you wait until age 70, that bumps up to 8.58% single and 7.81% joint. Pushing it out to 75, we're looking at 9.49% single and 8.57% joint. And if you're a buyer at age 85, it jumps significantly to 12.46% for single life and 11.15% for joint life. Joe, age 65, gives New York Life $200,000. Step 2. New York Life promises to send Joe about $1,323 a month for life. Step 3 is the secret engine under the hood making this all possible. It's mortality pooling at scale. Joe is basically sharing longevity risk with a massive pool of other buyers. The math works out so that if Joe lives to 90, he collects about $397,000 total. That means he recovers his initial $200,000, plus roughly $197,000 more. Now, if he were to pass away early, say at 70, the income stops. But depending on his payout choice, like a cash refund option, his beneficiary would receive the unpaid premium, which works out to about $120,600.
Get an independent read on New York Life Guaranteed Lifetime before you sign.
Send your email and I'll send you what this product actually guarantees, what the surrender schedule really costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
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Rather talk it through? Or book 15 minutes on Hans’s calendar.
The main reason to own it: it does one thing, in plain sight
Goldstein Complexity Index: 8/100, Grade A+ (Transparent)
This is the least complex product I review. It has no caps, no crediting strategies, no bonuses, no income rider with a separate benefit base, no MVA and no surrender charges (you can't surrender; you traded principal for income).
You hand NY Life a single lump sum. NY Life sends you a monthly check for the rest of your life. That's the entire product.
The math
Joe, age 65, hands NY Life $200,000. NY Life sends Joe about $1,323/month for life.
Per New York Life's published payout rate effective 9/21/2026 (age 65 male, life with cash refund, 7.94% of premium a year):
• $200,000 single premium
• About $15,880/year, or $1,323/month
• Joe needs to live about 12.6 years to collect his principal back
• Joe collects $15,880/year as long as he lives, until 80, 90, or 100+
If Joe lives to 90: he collects about $397,000 total ($15,880 × 25 years). $200K principal recovered + about $197K more.
If Joe dies at 70: the income stops, and with the cash refund option his beneficiary receives the unpaid premium (about $120,600). A life-only payout pays somewhat more each month but leaves heirs nothing.
Mortality pooling is why SPIAs work. Joe is sharing longevity risk with other buyers his age. Some die early and some live long, and NY Life uses the money left by the early deaths to pay the people who outlive what their own premium could cover.
Goldstein Scorecard
| Dimension | Grade | One-line take |
|---|---|---|
| Carrier financial strength | A++ | A++ (Superior) from AM Best, its highest rating. |
| Simplicity | A+ | One feature: guaranteed lifetime income. |
| Income certainty | A+ | Guaranteed for life. |
| Payout competitiveness | A | Competitive payouts from an A++ carrier; compare same-day quotes from several insurers before you buy. |
| Liquidity | F | None. Once you buy a SPIA, your principal is gone and the income can't be undone. |
| Inflation protection | B | Inflation rider available (Cost of Living adjustment) but adds cost. Most SPIA buyers skip it. |
| Death benefit options | A | Multiple options: life only (highest payout), life + period certain, life + cash refund, joint life. |
| Goldstein Complexity Index | A+ (8/100) | The simplest annuity product. Easy to fully understand. |
| Overall | A+ | My top pick for buyers who want guaranteed lifetime income from the strongest carrier. |
Best for: the 65-85 retiree wanting guaranteed income to cover essential expenses (rent, food, utilities), willing to give up principal access in exchange for income certainty, with other liquid assets for emergencies.
Look elsewhere if: you want principal access (SPIAs eliminate liquidity entirely), you want growth potential (SPIAs have no growth, fixed income only), you're under 60 (deferred income annuity makes more sense), or you want inheritance for heirs (life-only SPIA leaves nothing).
Payout options: where you control the tradeoff
| Option | Monthly income | If you die early | Best for |
|---|---|---|---|
| Life only | Highest payout | All remaining payments stop | Maximum income, no heir concern |
| Life + 10-year period certain | ~5-10% lower | At least 10 years of payments guaranteed (to heirs if you die early) | Some heir protection |
| Life + cash refund | ~10-15% lower | Heirs get refund of remaining premium | Heirs get the unpaid principal |
| Joint life (spouse) | ~15-25% lower | Spouse continues receiving payments | Couples |
Strengths
- A++ from AM Best, the top rating there is
- The easiest annuity to understand
- Guaranteed income for life, and the promise can't be taken back
- Mortality pooling pays more than you could safely draw from the same money on your own
- Payout options let you trade some income for heir protection
- No surrender charges, because there is nothing to surrender
Weaknesses
- No liquidity: your principal is gone the moment you write the check
- No growth: the income is fixed
- No inflation protection by default; the Cost of Living rider adds it, but it's expensive
- With life only, an early death means your heirs lose the rest of the principal
- Payouts run lower when interest rates are low
- It's a one-way, irrevocable decision
When SPIAs beat FIAs (and when they don't)
SPIA wins when:
• You want income now, not 5 to 10 years from now
• You're 70+ (mortality pooling delivers more for older buyers)
• You have other liquid assets and can lock up this portion
• You want the simplest product available
FIA with income rider wins when:
• You're 55-67 and want income in 5 to 10 years (the deferral period grows the income base)
• You want some growth potential during the deferral period
• You might change your mind about activating income (FIA lets you walk away with the account value; SPIA doesn't)
Goldstein Complexity Index
Every annuity I review gets a complexity score from 0 to 100. Higher means harder to understand. Complexity is where buyers get hurt: riders they didn't know they were paying for, surrender charges that surprise them, and income "benefit bases" they took for cash. SPIAs and MYGAs score low. Products that stack a bonus, an income rider, an MVA and several crediting options score high.
This product's score: 8/100, Grade A+ (Transparent)
Easy to understand. Few moving parts. The buyer can fully explain the product to a friend after one read of the contract.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 1/10 | How many riders, optional or built in (income, death benefit, LTC). Each one adds cost and one more thing to understand. |
| Crediting strategies | 1/10 | How many index options (cap, spread, participation rate, step rate, volatility-controlled indices). More choices are harder to follow. |
| Surrender complexity | 1/10 | Length of the surrender period, plus any MVA and bonus recapture. The longer and more layered it is, the harder it is to know what leaving early costs. |
| Benefit-base separation | 1/10 | Whether there is a separate income base ("PIV") that is not cash but looks like it. This causes more buyer confusion than anything else. |
| Bonus structure | 1/10 | A premium bonus with a recapture schedule. The bonus is real, but you can lose part of it if you leave early. |
How to read this
- A+/A (0-40): Easy to understand. A pure accumulation FIA, a MYGA or a SPIA. Little room for mis-selling.
- B (41-60): Read the contract carefully and get a second opinion before signing. Income riders cause most of the confusion.
- C (61-80): Many owners don't fully understand what they bought. Common mis-sells: a bonus presented as cash, a benefit base presented as account value, surrender charges glossed over.
- D (81-100): Get an independent second opinion before signing. The product may still fit you, but the odds you later say "I didn't know it worked that way" are high.
Why it matters: nobody gets sued for selling a complicated product, but buyers regret them all the time. An annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler one you understood from the start. Simple products are easier to check.
Real complaints, and what's actually going on
Complaint 1, "I lost flexibility, my principal is gone"
Truth: Yes. That's how a SPIA works: you bought income, not an investment, and the disclosure said so at purchase. My verdict: real regret, but not a product flaw.
Complaint 2, "Inflation has eroded my fixed payment"
Truth: Without the Cost of Living rider, SPIA payments are fixed in dollars. Over 20 years, inflation can cut purchasing power 35 to 50%. Consider the COL rider, or hold the SPIA inside a broader portfolio that includes inflation-protected assets. My verdict: a real issue, and one to settle before you buy.
Complaint 3, "My spouse died and I lost the income"
Truth: If the SPIA was life only on the spouse who died, yes, the income stops. A joint life payout would have kept income going for the survivor, at a lower monthly amount. My verdict: avoidable by picking the right payout option at purchase.
What the brochure doesn't tell you
- Which payout option is "best" depends on your other assets. Wealthy buyers can take life only for the most income; buyers focused on their estate should look at cash refund.
- You can't build a SPIA yourself. Because of mortality pooling, a bond portfolio of the same size can't produce the same lifetime income.
- Payout factors change weekly, so shopping the quote matters.
- NY Life and competitor payouts can differ by 3 to 7%. On a $200K SPIA, comparing quotes can be worth $300 to $1,000 a year of lifetime income.
- Taxes on a non-qualified SPIA: part of each payment is return of principal (not taxed) and part is interest (taxed).
Illustrative examples: who fits, who got burned
Illustrative examples: these are composite scenarios, not actual clients. Names and details are changed.
Good fit, Eleanor, 72, Long Beach CA
Eleanor's husband passed at 70, leaving her $400K in cash plus a Social Security survivor benefit. She wanted guaranteed income to pay for assisted living without worrying about market crashes. She put $250K into a NY Life SPIA, life only, for about $1,750/month for life. Together with Social Security, that covers her facility costs, and she kept $150K liquid for emergencies. Five years in, the checks arrive on schedule and she no longer watches the market.
Burned, Howard, 78, San Diego CA
Howard bought a $300K life-only SPIA at 70, then died of a heart attack at 74. His estate got nothing from the SPIA, and his widow called it theft. But a life-only SPIA is mortality-pooled: early death is the risk you accept. Life + cash refund or joint life would have paid about 10 to 15% less a month and protected his heirs. His agent never discussed those options. The product was fine; the payout choice was the mistake.
The pattern: New York Life Guaranteed Lifetime Income SPIA works well for a buyer whose time horizon and cash needs fit how it's built, and badly for one who doesn't, usually an older buyer (73+) who may need the money soon. The product isn't the problem; the mismatch is.
Quick FAQ
Q: Is this annuity right for me?
A: It fits if you want guaranteed income for life, starting now, and can give up access to the lump sum. It is the wrong choice for money you may need back, or if your health makes a long retirement unlikely.
Q: How does an annuity actually pay out?
A: A SPIA pays a fixed income on the schedule you choose, usually monthly, starting within a year of purchase. Payments last for life or for the period you pick, and a cash-refund or period-certain option can pass remaining value to heirs.
Q: What happens if the carrier goes out of business?
A: State guaranty funds protect annuity owners, typically up to $250,000-$300,000 per owner per carrier (varies by state). Check your state's guaranty association limit. The carrier's AM Best rating signals failure probability; A-rated carriers have very low historical default rates.
Q: Can I lose money in this annuity?
A: You trade the lump sum for income, so there is no account value to lose to the market. The risk is dying early on a life-only payout, when the carrier keeps the rest; a cash-refund or period-certain option protects heirs in exchange for a lower payment.
Q: How much commission does the agent make?
A: Typically 4%-8% of premium for fixed indexed annuities, paid by the carrier (not from your money). Higher commission products often have longer surrender periods or smaller caps. The product cost to you is the same whether commission is high or low, but commission size is a useful proxy for product complexity.
Q: Should I roll over my 401(k) into an annuity?
A: Sometimes yes, often no. Yes if: you want guaranteed income, you're risk-averse, you have other liquid assets for emergencies, and you're 55+. No if: you're under 50, you need liquidity, you have plenty of pension/SS income, or you'd be putting all your retirement assets into one product. Get an independent second opinion before rolling over six figures.
Q: Why are caps so different across products?
A: Trade-offs. Higher cap = lower bonus, longer surrender, lower-rated carrier, or different index strategy. There's no free lunch. A 10%+ cap typically means B-rated carrier + 14-year surrender. A 6% cap typically means A+ carrier + shorter surrender.
Q: How are annuity earnings taxed?
A: Inside the contract, growth is tax-deferred (no tax until you withdraw). Withdrawals are taxed as ordinary income (not capital gains). For non-qualified annuities, only the gain portion is taxable. For qualified (IRA) annuities, the entire withdrawal is taxable. There's a 10% IRS penalty on withdrawals before age 59½.
How a SPIA works, in plain terms
A SPIA (Single Premium Immediate Annuity) is the simplest annuity product in the market. You hand the carrier a single lump sum. The carrier promises to send you a check every month for the rest of your life. That's it. No caps, no riders, no surrender charges, no growth potential.
The math:
• You give the carrier $200,000
• The carrier promises you ~$1,300/month for life
• You die at 75 (life-only): the carrier keeps the unused money (mortality pooling)
• You die at 95 (life-only): the carrier has paid you $312,000, far more than you put in
• You die at 105: even more
The SPIA is mortality pooling at scale. Some buyers die early, some late. The carrier balances out the risk and pays everyone a consistent monthly amount.
Payout options change the math:
• Life only = max monthly income, heirs get nothing if you die early
• Life + 10-year period certain = ~5% less monthly, but heirs guaranteed minimum 10 years of payments
• Life + cash refund = ~10% less monthly, but heirs get the unpaid principal as a refund
• Joint life = ~18% less monthly, but spouse continues to receive after first death
The only "fee" is built into the payout rate. There's no separate annual fee like an FIA or variable annuity charges. What you see is what you get.
Quick SPIA FAQ
Q: Can I get my principal back if I change my mind?
A: No. SPIA is irrevocable. Once you sign, your principal becomes the carrier's; you receive only the promised income stream.
Q: What happens if the carrier goes bankrupt?
A: State guaranty fund covers typically $250,000-$300,000 per owner per carrier. Always check your state's limit.
Q: Is SPIA income taxable?
A: Non-qualified SPIA: each payment is split into excluded portion (return of principal, not taxable) and included portion (interest, taxable). Qualified SPIA (in IRA): 100% of each payment is taxable as ordinary income.
Q: Can I add inflation protection?
A: Yes, via the Cost-of-Living (COL) rider. Starting payment is ~25% lower in exchange for annual increases. Most SPIA buyers skip it to maximize starting income.
Q: What age should I buy a SPIA?
A: Usually 65 to 85. Under 65, the mortality pooling math is weaker. Over 85, there's less time left to collect.
Q: How does SPIA compare to bond ladder?
A: A SPIA pays more lifetime income per dollar because of mortality pooling, which a bond ladder can't replicate. But a SPIA gives up principal access; a bond ladder doesn't.
Q: Can I do a partial SPIA?
A: Yes. Put part of your nest egg into a SPIA for an income floor and keep the rest for growth and liquidity. Most planners recommend a partial SPIA, not 100%.
Q: Should I get joint life with my spouse?
A: If you both need the income and want it to continue after first death, yes. Costs ~18% lower monthly payment. If your spouse has their own pension or SS that's adequate, life-only with a smaller secondary policy may make more sense.
Who NY Life SPIA actually fits
- Retiree age 65-85 wanting guaranteed lifetime income
- Has other liquid assets for emergencies
- Comfortable trading principal access for income certainty
- Wants the highest-rated carrier
- Income covers essential expenses (rent, food, utilities)
Who should look elsewhere
- Want deferred income (5-10 years out) → Athene Agility 10 or other deferred income FIA
- Want principal liquidity → MYGA (MassMutual Stable Voyage) or FIA without income activation
- Under 60 → too early for SPIA; consider deferred income product
- Want inflation protection → SPIA with COL rider (or alternative product)
Sources
- New York Life Guaranteed Lifetime Income brochure (2026)
- Immediate Annuities, SPIA quote comparison
- AM Best NY Life rating report
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable: once you sign, your principal is gone. Before you commit, check two things: whether this carrier's payout is actually top of market, and whether you picked the right payout option (life only, cash refund or joint). 5 minutes of comparison shopping can mean $300 to $1,000 a year of additional lifetime income.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
- Hans Goldstein, Enrolled Agent, admitted to practice before the IRS
- California insurance license #4273294 (look it up at the California Department of Insurance) · NPN 20602398
- Independent, not a captive agent: appointed with multiple A-rated carriers
- 5.0 on Google from 7 reviews (Goldstein & Co. LLC listing, checked October 18, 2026)
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.