FGNY Index-Choice® 10
Strong growth potential, with a death benefit
FG Index-Choice 10 helps you:
- Preserve your savings with guaranteed payments and inflation protection
- Have the security of knowing you won’t outlive your assets
- Provide a financial legacy, with the option of providing death benefits and continuing payments after your lifetime
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F&G of NY What is an annuity What is FGNY Index-Choice Benefits Availability & materialsF&G of NY offers FGNY Index-Choice 10 fixed indexed annuity through a network of independent marketing organizations (IMOs) or financial and insurance professionals. FGNY Index-Choice 10 is provided through a wholly owned subsidiary, Fidelity & Guaranty Life of New York.
The people who hold our FGNY Index-Choice 10 policies were introduced to us by someone they know - their financial or insurance professional. We collaborate with them to be partners in prosperity with you and the people you care about most.
Working together we become something greater; we become agents of possibility, agents of empowerment, agents of stability and security in a volatile world.
We work together, think together, succeed together. We collaborate to help you prosper.
An annuity is a long-term retirement tool that can be a cornerstone of your financial security and success.
You pay a premium (think of it as your principal) to F&G of NY and we provide an annuity contract with unique benefits to you.
An annuity protects and potentially builds your savings, with the option of converting them into scheduled income payments for retirement.
If you’re interested in an opportunity to grow your savings based on a market index – without the risk of actually participating in the market – a FIXED INDEXED ANNUITY may be a good choice for you.
This quick reference guide is intended to provide a helpful overview of FGNY Index-Choice 10. It is coupled with the Statement of Understanding (which will be referred to as the SOU) that explains this annuity in detail. The SOU contains product information that’s imporant to help you understand this annuity. If you decide to complete an application, your financial professional will ask you to sign an acknowledgement to confirm you’ve received and read the SOU. In the event of any conflict between this guide and the SOU, the SOU prevails.
Read on and learn how FGNY Index-Choice 10 can play an important part in your financial plan.
FG Immediate-Income is a single premium immediate annuity that provides you with income on a schedule that suits you. It provides retirement income with these important features:
- We give you a bonus based on your initial premium. The bonus is added immediately to your account.
- You can choose from several options for earning interest on your premium: one fixed interest option (with a guaranteed rate) and additional options tied to market indexes.
- Any growth of your savings is tax-deferred (you pay taxes only when you make withdrawals or receive income in the future).
- You’ll have full access to your account for unexpected health care costs, namely nursing home care or in the event of terminal illness. This benefit applies to conditions that arise one year or more after the contract begins.
- From day one you have a death benefit for peace of mind.
- You may withdraw your money at any time. Withdrawals in year one, or withdrawals in years 2-10 of over 10% of your vested account value, will incur withdrawal charges.
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The initial premium you pay grows with a bonus
F&G of NY adds a bonus of 2% to the initial premium you pay.
You may add more premium later, if you like, increasing the amount of premium that may grow over time.
Your choice for tax-deferred growth
You choose any combination of these potential interest earning options:
- A fixed interest option (we set the rate annually; it’s guaranteed not to be below 1%)
- Several options tied to the S&P 500® Index
Each index option is subject to caps, participation rates and/ or spreads. The index options are linked to a market index, but you are not investing directly in the stock market or any index. We protect you from downside risk, and you are guaranteed not to lose money due to market declines.
At the end of each crediting period, any gains are locked in.
Key benefits...
Access for unexpected health care costs
If you need nursing home care, or in the event of terminal illness, you may access your account value with no surrender charges. The diagnosis of terminal illness, or the beginning of home nursing home care, must occur at least one year after the contract is issued. These are defined conditions.
Death benefit
Your account value is paid as a lump sum death benefit.
... And peace of mind
Ability to withdraw
You may withdraw your money at any time. We know you may have unexpected opportunities or expenses. You’ll have penalty-free access to 10% of the account value in years two through 10. Any other withdrawals will incur surrender charges.
The surrender charge in year 1 is 10% of the withdrawal, and this percentage decreases over 10 years.
Annuitization
You don’t have to worry about outliving your assets – you can turn your annuity into scheduled payments for life on its maturity date. The maturity date of your FGNY Index-Choice 10 annuity is set when the contract is issued.
Tax information
This annuity is tax-deferred which means you do not pay taxes on the interest as it’s earned, only when you withdraw it.
Withdrawals are treated as coming from earnings first and then as a return of your premium.
Tax deferral may not be available if the annuity owner is an entity, such as a business. If you withdraw money before age 59 ½, you may also have to pay a 10% penalty to the IRS on the interest earned.
Please keep in mind that buying an annuity in an IRA or other tax-qualified retirement account offers no additional tax benefit, since the retirement account is already tax-deferred. If your annuity contract is within a tax-qualified plan, you may be required to take minimum distributions beginning at age 72.
You may exchange one tax-deferred annuity for another without paying tax on the earnings when you make the exchange. Before you do, compare the benefits, features and costs of the two annuities. You may pay a surrender change on the annuity you are exchanging, and you may start a new surrender charge period with the new annuity
F&G of NY does not offer tax or legal advice. Consult a tax professional regarding your specific situation.
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About F&G
1959established
over1,000,000people protected
F&G, headquartered in Des Moines, Iowa, offers unique life insurance and annuity solutions to meet individual financial security needs through a national network of financial professionals.
ADV5534 (01-2025)
“F&G” is the marketing name for Fidelity & Guaranty Life Insurance Company of New York issuing insurance in New York. Life insurance and annuities issued by Fidelity & Guaranty Life Insurance Company of New York, New York, NY.
Fidelity & Guaranty Life Insurance Company of New York offers FGNY Index-Choice 10, a competitive fixed indexed annuity. Before purchasing, consider your financial situation and alternatives available to you. Visit us at fglife.com for more information, and consult a financial professional who can help you determine the suitable alternatives for your goals and needs.
Form Numbers: NY FPDEIA-10 (09-11), AE-2037 (5-20) NY, AE-2038 (5-20) NY.
This product is a deferred, fixed indexed annuity that provides a minimum guaranteed surrender value. You should understand how the minimum guaranteed surrender value is determined before purchasing an annuity contract. Even though contract values may be affected by external indexes, the annuity is not an investment in the stock market and does not participate in any stock, bond or equity investments.
Annuities are long-term vehicles to help with retirement income needs.
Interest rates are also subject to change.
The provisions, riders and optional additional features of this product have limitations and restrictions, and may have additional charges. Contracts are subject to state availability, and certain restrictions may apply. See the SOU for details.
F&G of NY may change your annuity contract from time to time, to follow federal and state laws and regulations. If this happens, we’ll tell you about the changes in writing.
Surrender charges may apply to withdrawals. Withdrawals may be taxable and may be subject to penalties prior to age 59 ½. Withdrawals will reduce the available death benefit.
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by Fidelity & Guaranty Life Insurance Company. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Fidelity & Guaranty Life Insurance Company. These annuity products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
