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Types Of Immediate Annuities

single premium immediate annuities

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Not all products are available in all states. We do not offer tax or legal advice. Fixed annuities are insurance products.
Rates shown are subject to change at any time.  For firm confirmation of current rates, a written proposal should be requested by calling call (800) 373-9697.
Withdrawals prior to age 59 1/2 may be subject to a 10% penalty tax. Licensed in most states. Managing general agency CA Insurance License #0B67385 

SINGLE LIFE
​​A Single Life Immediate Annuity guarantees you will never outlive your income. The SPIA provides a regular, guaranteed income payments for life. In retirement planning the SPIA is the only product that guarantees you will never outlive your retirement income.


Single Lifetime SPIA:

  • Life ONLY:
    The income payments will cease upon death.
  • Life With Period Certain:
    This option provides a guaranteed income for life plus if death occurs prior to the end of a specified period (5 to 50 years) the payments will be transferred to the beneficiary for the remainder of that period.
  • Life With Refund Guarantee:
    This option provides a guaranteed income for life and also guarantees the total of the payments received will never be less than the total of the premium paid to purchase this option.
  • Key Benefits:
    Longevity protection - Guaranteed an income that can not be outlived.
    Stable level income - The guaranteed payment will never decrease.
    Inflation protection - A single life annuity has the option to guarantee increases annually.
    Direct deposit - Payment can be sent directly to a bank account.


JOINT LIFE
This option provides a guaranteed income for as long as either joint annuitant is alive. When either annuitant dies, payments continue to the survivor and can be a partial percentage, such as  two-thirds, or a full 100% of the payments received when both were living. If you select the Joint and Survivor Annuity option, you may also add a Period Certain option of 5 to 30 years. There are a few refund options available for joint lives.

Joint and Survivor SPIA:

  • Joint Life ONLY
    The income payments will cease after death of both annuitants. As long as one is alive payments continue.
  • Joint Life With Period Certain
    This option provides a guaranteed income for both lives plus if both die prior to the end of a specified period (5 to 50 years) the payments, in the same amount will be transferred to a named beneficiary for the remainder of that specified period.
  • Joint Life With Refund
    This option provides a guaranteed income for both lives and also guarantees the total of the payments received will never be less than the total of the premium paid to purchase this retirement income option. If both annuitants die before receiving at least the premium paid to purchase this retirement income option,  your named beneficiary will continue to receive payments until the full amount is repaid.
  • Joint Life Contingent Survivor
    This option provides a guaranteed income for as long as you or your joint annuitant lives. If you die first, the joint annuitant will receive the reduced amount designated by you, which can be from 75% to 33%, of the payments you received while living. If the joint annuitant dies first, you will continue to receive 100% of the payments for as long as you live. If a period certain option is also selected, the initial payment amount will only reduce after the period certain selected by you has been obtained.
  • Key Benefits:
    Longevity protection for two lives- Guaranteed an income that can not be outlived
    Direct deposit - Payment can be sent directly to a bank account.Inflation protection
    A joint life annuity has an option that guarantees increases annually


PERIOD CERTAIN ONLY
This option provides a guaranteed income for a specified time period of (5 to 50 years). If death occurs prior to the end of the chosen period, the beneficiary will continue to receive payments for the remainder of the specified period.


  • Key Benefits
    Versatility - Gives the ability to receive income for a very specific period. (For example 5 years and 8 month)\
    Automatic payments - Pay bills, life insurance, child support and never be late or miss a payment.
    Direct deposit - Payment can be sent directly to a bank account. 
    Great for laddering.


DEFERRED START DIA
Sometimes clients want to start a payment stream at a certain time in the future.  A DIA can be purchased with a guaranteed payment stream that starts as far out as perhaps 40 years.This can be a valuable planning tool where a 60 year old client may want $1,000 per month for life starting at his 75th birthday. The DIA can guarantee both the premium and benefit. 


  • Key Benefits
    Longevity income guaranteed for the future and QLAC approved

IMPAIRED RISK - AGE RATED
Age rated single premium immediate annuities are medically underwritten and can increase client income payouts! A retirement planning advantage. Did you realize that poor health could actually be a benefit when purchasing an immediate annuity?

  • Designed for people:
    Who are concerned about outliving their assets
    Who need guaranteed income they can’t outlive
    Who are less healthy and could benefit from a larger monthly income payment than they would likely receive from a traditional non-medically underwritten immediate annuity
    Who may need care and whose age and/or health preclude them from long term care insurance coverage options

  • Not designed for people:
    Who are in good health and have other lifetime income options that may provide a better income alternative
    Who do not need a guaranteed lifetime stream of income
    Who do not want to risk losing their remaining premium if they die before payouts exceed the initial premium


  • Pricing - Conditions which may merit review include:
    Heart disease | Diabetes | Cancer | Chronic Lung Disease | Stroke Chronic | 
    Conditions affecting the kidney, pancreas, or liver functions | Multiple Sclerosis
    Muscular Dystrophy | Paraplegia or Quadriplegia | Parkinson's Disease | ALS | Alzheimer's 

  • Forms of medical information:
    Hospital discharge summaries for last 5 years | Medical report from time of diagnosis | Most recent medical report | Attending physicians statement (APS) - We will need by fax, email or mail the history of illness, including date of diagnosis, any changes in condition, other significant health conditions and pertinent past histories.