Single Premium Immediate Annuity

Single Lifetime SPIA

A Single Life Immediate Annuity guarantees you will never outlive your income. The SPIA provides a regular, guaranteed income payments for life. In retirement planning the SPIA is the only product that guarantees you will never outlive your retirement income.

Life ONLY

The income payments will cease upon death.

Life With Period Certain

This option provides a guaranteed income for life plus if death occurs prior to the end of a specified period (5 to 50 years) the payments will be transferred to the beneficiary for the remainder of that period.

Life With Refund Guarantee

This option provides a guaranteed income for life and also guarantees the total of the payments received will never be less than the total of the premium paid to purchase this option.

Key Benefits

• Longevity protection - Guaranteed an income that can not be outlived.
• Stable level income - The guaranteed payment will never decrease.
• Inflation protection - A single life annuity has the option to guarantee increases annually.
• Direct deposit - Payment can be sent directly to a bank account.

Joint and Survivor SPIA

This option provides a guaranteed income for as long as either joint annuitant is alive. When either annuitant dies, payments continue to the survivor and can be a partial percentage, such as  two-thirds, or a full 100% of the payments received when both were living. If you select the Joint and Survivor Annuity option, you may also add a Period Certain option of 5 to 30 years. There are a few refund options available for joint lives.

Joint Life ONLY

The income payments will cease after death of both annuitants. As long as one is alive payments continue.

Joint Life With Period Certain

This option provides a guaranteed income for both lives plus if both die prior to the end of a specified period (5 to 50 years) the payments, in the same amount will be transferred to a named beneficiary for the remainder of that specified period.

Joint Life With Refund

This option provides a guaranteed income for both lives and also guarantees the total of the payments received will never be less than the total of the premium paid to purchase this retirement income option. If both annuitants die before receiving at least the premium paid to purchase this retirement income option,  your named beneficiary will continue to receive payments until the full amount is repaid.

Joint Life Contingent Survivor

This option provides a guaranteed income for as long as you or your joint annuitant lives. If you die first, the joint annuitant will receive the reduced amount designated by you, which can be from 75% to 33%, of the payments you received while living. If the joint annuitant dies first, you will continue to receive 100% of the payments for as long as you live. If a period certain option is also selected, the initial payment amount will only reduce after the period certain selected by you has been obtained.

Key Benefits

• Longevity protection - Guaranteed an income that can not be outlived
• .Direct deposit - Payment can be sent directly to a bank account.Inflation protection 
•  A joint life annuity has an option that guarantees increases annually

Guaranteed Period Certain Only SPIA

This option provides a guaranteed income for a specified time period of (5 to 50 years). If death occurs prior to the end of the chosen period, the beneficiary will continue to receive payments for the remainder of the specified period.

Key Benefits

• Versatility - Gives the ability to receive income for a very specific period. (For example 5 years and 8 month)
• Automatic payments - Pay bills, life insurance, child support and never be late or miss a payment.
• Direct deposit - Payment can be sent directly to a bank account. 
• Great for laddering.

Access To A SPIA

Surrender charge immediate annuity. 

Deferred Start DIA

Sometimes clients want to start a payment stream at a certain time in the future.  An SPIA can be purchased with a guaranteed payment stream that starts as far out as perhaps 40 years.  

This can be a valuable planning tool where a 60 year old client may want $1,000 per month for life starting at his 75th birthday.  An SPIA can guarantee both the premium and benefit. 

QLAC Rules 2019

Impaired Risk SPIA

Age rated single premium immediate annuities are medically underwritten and can increase client income payouts! A retirement planning advantage. 

Did you realize that poor health could actually be a benefit when purchasing an immediate annuity?

More here