Single Premium Immediate Annuities
The single premium immediate annuities offered by the companies contain the following features:
- The minimum single premium is $25,000.
- The maximum amount of total premium accepted without prior approval is $1,000,000 for all issue ages. Premiums above $1,000,000 require submission of a Large Case Annuity Questionnaire for approval prior to taking the application.
- They may be issued as non-qualified or as an IRA or Roth IRA.
- They provide for a fixed income to be paid either as a life income, a fixed period of time, or a combination (life with term certain).
- Term certain periods are available for five to thirty years (but may not extend beyond attained age 100).
- Lifetime income payments may be determined on the basis of a single life or joint lives.
- Lifetime income for a single life may be guaranteed for 5, 10, 15 or 20 years (life and term certain).
- Income payments may be made monthly, annually, semi-annually or quarterly.
- The maximum issue age is:
- 80 if the income is based on life expectancy or expectancies.
- 100 if the income will be paid only for a fixed number of years.
- Payment on a single life will be equal for as long as the contract is in force. There are no Cost-of-Living riders, return of premium or adjustments available.
- Payment options for joint lives are available with 50%, 66 2/3%, 75% or 100% after the first death.
- Premium taxes, required by some states, will be deducted from the premium, before payment calculations are determined.
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