The ongoing decline of both public and private pension plans has afforded life insurers space to offer products that guarantee a person an income stream for life.

New York Life Insurance Company is reporting that its new Guaranteed Future Income Annuity is far exceeding expectations in terms of sales since it was launched on July 11. Chris Blunt, EVP and head of Retirement Income Security, says the $100 million sales estimate for 2011 was shattered in the first ten weeks the new annuity was on the market.

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