A lifetime annuity rate pertains to the annual rate of return that a lifetime annuity provides for the remainder of an investor's life. A lifetime annuity is also referred to as immediate annuity, notes Investopedia.
The New York Life Guaranteed Lifetime Income Annuity II is a lifetime annuity that converts part of an investor's retirement savings into fixed monthly payments. The payout rates for this investment generally vary based on the time the coverage takes effect.
As of October 2015, insured individuals with a New York Life Guaranteed Lifetime Annuity II policy receive an annual 5.9 percent rate of return when they collect at the age of 65. For investors who receive annuity funds at the age of 75 and 85, the annual payout rates are 7.3 and 9.4 percent, respectively. These payout rates constitute interest, mortality credits and return of premium, states NYLInvestments.com.