Single Premium Immediate Annuities (SPIA)
Single Premium Immediate Annuities (SPIAs) provide for an immediate (within one year) payment plan in exchange for the submitted premium. Internal rates of return vary with market conditions. Payments will be equal in amount for as long as the contract is in force. Options that are currently available include:
- Life Only - Payments continue for the life of the owner / annuitant and cease at death.
- Term Certain - Payments are made for a specific period of time ranging from a minimum of 5 years to a maximum of 30 years.
- Life and Term Certain - Available for 5, 10, 15, or 20 year term. Payments are guaranteed for the length of the term and for the remaining lifetime of the annuitant / owner after the term.
- For example, on a life and 10-year term certain payment option, if the owner / annuitant dies in the 6th year, payments continue to the beneficiary until the end of the 10th year, then stop. If the owner / annuitant lives past the 10 years, payments continue until their death, then stop.
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