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.
* When no annuitant is still living, the owner (or the beneficiary if the owner is no longer living) may elect to terminate the contract and receive the commuted value, as defined in the contract, of any remaining annuity payments in a lump sum. The commuted value of any remaining annuity payments will be less than the total of those remaining annuity payments.


List of SPIA Products that We Track

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AIG
WNL Secure Income Annuity
American Equity Investment Life Insurance Company
SPIA-1
American General Life Insurance Company
American Pathway Immediate Annuity
American National Insurance Company
Palladium (SPIA)
Brighthouse Financial
MetLife Income Annuity
EquiTrust Life Insurance Company
Confidence Income
Fidelity & Guaranty Life
FG Immediate-Income
First Symetra Nat’l Life Ins Co of NY
First Symetra Advantage Income
Freedom Income
Great American Life Insurance Company
GALIC SPIA
Guggenheim Life and Annuity Company
Provider Single Premium Immediate Annuity
Integrity Life Insurance Company
Income Source
Liberty Bankers Life
Income Annuity
Lincoln Financial Group
Lincoln Insured Income Immediate Annuity
Midland National Life
Direct Income
Minnesota Life
Income Today
Mutual of Omaha
Income Access
Ultra Income
National Integrity Life Insurance
Income Source
National Western Life
SPIA
Nationwide Life and Annuity Insurance Company
Income Promise Select
North American Company
NA Income
Pacific Life
Pacific Income Provider
Protective Life And Annuity (NY)
ProSaver Income Annuity NY
Protective Life Corporation
ProPayer Income Annuity
Sagicor Life Insurance Company
Gold Series SPIA
SBLI -Savings Bank Life Insurance of MA
Single Premium Immediate Annuity
Symetra Life Insurance Company
Advantage Income
Freedom Income Annuity
The Capitol Life Insurance Company
Income Annuity
The Standard
Stable Income Annuity
Tailored Income Annuity
VOYA Insurance and Annuity Company
Voya SPIA

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