The Premium Deposit Account, available through some New York Life Insurance policies, offers a guaranteed interest rate. Interest earned on money in the account is applied to your life insurance premiums, lowering your out-of-pocket costs.
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All guarantees are based on the claims-paying ability of the issuer. Premium Deposit Account (PDA) rates vary over time, but once the PDA Agreement is accepted, the rate is guaranteed. There may be penalty or withdrawal fees if you withdraw or surrender funds from the PDA. Any interest earned on the PDA will be taxable and will be reported to you on IRS Form 1099-INT.
New York Life Insurance Company, New York, NY. AR000000.122023 SMRU5030182 (Exp. 01/01/2026)