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Life Expectancy

Single Premium Immediate Annuity?

What is an Immediate Annuity?

A Single Premium Immediate Annuity is a contract between you and an insurance comapny. By paying in a lump sum of money you are guaranteed to receive a series of payments over a period of time. The amount of the payment is determined by both the current interest rate at the time your contract is issued and by choices you make from a wide variety of payment options. Once your contract is issued, your payments are fully guaranteed for the period of time you have chosen.

Tax-Favored Income?

If you use Non-Qualified funds to purchase a single premium immediate annuity, the income payments you receive are only partially taxable. The non-taxable portion of each payment is a level percentage that represents the return of principal over the life of the contract. Depending on your age and the payment option you chose, this percentage will vary. If you are useing Qualified funds (IRA, TSA, 401k money for example) to purchase your Single Premium Immediate Annuity, the payments you receive are generally fully taxable as you receive them because they represent funds that have not beeen taxed before.

No Investment Risk

Once your contract is issued, you can count on your payments no to change in amount or frequency. You will enjoy the financial security of a guaranteed income with no investment rusk, Economic conditions or investment returns may change, but your payment is guaranteed to remain the same.

A Single Premium Immediate Annuity offers a variety of options so you may taylor your income schedule to suit your needs. You can chose to receive payments, monthly, quarterly, semiannually or annually. The payment options inculude:

  • Period Certain Only

    "Period Certain" means a number of years you chose. Payments will continue for the duration of the number of years you chose, and then cease. If you should die before the end of the stated number of years, your beneficiary would continue to receive the payments for the remainder of those years.
  • Life Only

    Payments will continue for the rest of your life. You cannot outlive your income. Upon your death, payments stop.
  • Life and Period Certain

    Life and period certain means payments will continue for the rest of your life, but for no less than the stated number of years. If you should die before the end of the stated number of years, your beneficiary would continue to receive the payments for the remainder of those years.
  • Life Only with Guaranteed Minimum Option

    Payments will continue for the rest of your life. If you should die before you have been repaid your inital investment, the balance of your inital investment will be paid in like installments to your beneficiary.

  • Joint and Survivor

    Payments are guaranteed during the lifetime of two people. After the death of one, payments continue for the lifetime of the surviving person. You can chose to have either full payments, or a percentage you chose, to continue for the lifetime of the survivor. You can also specify a period certain, and if both individuals were to die withing the period certain, payments would continue to the named beneficiary for the emainder of the period certain.
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