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Single Premium Immediate Annuities (SPIA)
A Single Premium Immediate Annuity is a contract between you and the insurance company where you give the insurance company a lump sum of money (Single Premium) and in return the give you a guaranteed payment for a specified time period or until you or your and your spouse dies.
The purpose of a SPIA is to provide you with a guaranteed income stream. During retirement market fluctuation of principal, "market risk", and varying interest rates, "interest rate risk" leads to uncertainly of future income. A SPIA "REDUCES THE RISK" and provides certainty, peacing of mind, in providing a income you can count on!
Payment Options - Generally Available
Annuity payments are available monthly, quarterly, semi-annually or annually. They may begin immediately, or they may be deferred for up to one year from purchase. You may choose any one of the following annuity payment options:
- Payments for life (single life annuity):
Annuity payments are made as long as the annuitant is still living. Annuity payments stop upon the annuitant?annuitant's death, even if that occurs shortly after the annuity payments begin - no matter how many or how few annuity payments have been made.
- Payments for two lives (joint and survivor annuity):
Payments for two lives (joint and survivor annuity). Annuity payments are made as long as either of the two joint annuitants is still living. Annuity payments can remain level or be reduced upon the death of one of the annuitants. Annuity payments stop upon the surviving annuitant's death, even if that occurs shortly after the annuity payments begin - no matter how many or how few annuity payments have been made.
- Certain Period:
Certain period. Annuity payments are made for a period specified by the owner, from five to 30 years. Annuity payments continue until the end of that certain period, regardless of whether an annuitant is still living.*
- Payment for life or for two lives, with a certain period:
Annuity payments are made as long as an annuitant is still living, or for a certain period specified by the owner, whichever is longer.*
- Payments for life with or for two lives, with an installment refund:
Annuity payments are made as long as an annuitant is still living, or until the entire purchase amount has been paid out in the form of annuity payments, whichever is longer.*
- Payments for life or for two lives, with a cash refund:
Annuity payments are made as long as an annuitant is still living. When no annuitant is still living, any remaining purchase amount will be paid in a lump sum. The remaining purchase amount, if any, will be the amount of the original purchase payment less all annuity payments that have been made.
List of SPIA Products that We Track
| Allianz Life Insurance Company of North America | |
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Single Premium Immediate Elite Annuity |
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| American Equity Investment Life Insurance Company | |
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SPIA-1 |
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| American General Life Insurance Company | |
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AG Platinum Income |
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| American National Insurance Company | |
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Palladium (SPIA) |
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| EquiTrust Life Insurance Company | |
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Confidence Income |
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| Fidelity & Guaranty Life | |
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FG Immediate-Income FG Immediate-Safeguard |
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| First SunAmerica | |
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FSA Secure Income Annuity |
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| First Symetra Nat’l Life Ins Co of NY | |
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First Symetra Advantage Income Freedom Income |
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| Genworth Life Insurance Company | |
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SecureLiving® Income Provider |
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| Genworth Life of New York | |
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SecureLivingSM Income Provider NY |
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| ING Annuity and Asset Sales | |
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ING SPIA |
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| Integrity Life Insurance | |
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Income Source |
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| Lincoln Benefit Life | |
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IncomeReadySMSPIA |
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| Lincoln Financial Group | |
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Lincoln SmartIncome Inflation Annuity |
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| National Integrity Life Insurance | |
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Income Source |
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| National Western Life | |
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SPIA |
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| North American Company | |
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NA Income |
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| Presidential Life | |
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Single Premium Immediate Annuity Single Premium Immediate Income |
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| Protective Life And Annuity (NY) | |
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ProSaver Income Annuity NY |
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| Protective Life Corporation | |
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ProPayer Income Annuity |
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| Sagicor Life Insurance Company | |
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Gold Series SPIA |
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| SBLI -Savings Bank Life Insurance of MA | |
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Single Premium Immediate Annuity |
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| Symetra Life Insurance Company | |
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Advantage Income Freedom Income Annuity |
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| The Hartford | |
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Hartford Income Annuity |
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| The Standard | |
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Tailored Income Annuity |
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| Western National Life Insurance Company | |
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WNL Secure Income Annuity |
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