According to a company press release, First Investors Life has a new deferred option to add to the variable annuities marketplace. Their ‘First Choice’ product is flexible, with the ability to choose from many different options. There are 11 subaccounts, all professionally managed with different goals and levels of risk. If you purchase a First Choice variable annuity, you can put money into all of the subaccounts if you desire, as long as each has a minimum of 1%.
Investors won’t pay any income tax on their earnings while the money grows. Taxes are not due until you start withdrawing the money. You also are not required to take the money out starting at age 70.5 like you have to with 401k’s and IRAs. Your money can build up until age 90 if you wish and you can continue to add money at any time because of First Choice’s flexible premium. Investors can choose guaranteed income for life through annuitization, take systematic withdrawals that can start or stop at any time, or withdraw the full the surrender value of the annuity.
The First Choice product is a great addition to First Investors Life’s current products. They already offer permanent and term life insurance policies and two different fixed annuity products. Those are ‘First Advantage’ and ‘First Advantage for Income’. First Investors Life Insurance Company distributes annuities through First Investors Corporation out of New York City.
