What is a SPIA? A SPIA, or single premium immediate annuity, is designed to generate instant income during retirement by taking a lump sum of money and converting it into systematic payments that continue for a specified period of time or for the life of the insured individual.
Who benefits from a SPIA?Someone who is looking for an attractive return on their money that he or she will not outlive and does not want to worry about how to invest the money. Benefits also include the tax deferral derived from receiving income in installments instead of in one large lump sum.
What payout options do I have?You may elect to receive monthly, quarterly, semi-annual or annual payments over the course of five to twenty years – thus enabling you to customize the size and frequency of your payments.
Are my payouts guaranteed?Yes. Your payouts are fully guaranteed for the period you elect – even if it’s for your full lifetime. Payment will never fluctuate so you can have the peace of mind that your retirement income will be stable.
What if I die while receiving my payments?If you die while still receiving your payments through a non-life only option, your beneficiaries will have the choice of either receiving the remaining payments left on your payment schedule, or elect to receive the remaining account value as a commuted lump sum.
In which states is this annuity approved?For a list of states in which this product is available, please contact your agent or call 800.839.2731.