8 months ago

Single Premium Immediate Annuities For TWO LIVES!
Joint & Survivor Lifetime Income Options Explained!

It is a FIXED ANNUITY!

A joint and survivor immediate annuity is a type of insurance product that provides a regular stream of income to two individuals, typically a married couple, for the rest of their lives. This type of annuity is often used as a retirement income strategy to ensure that both spouses continue to receive payments even after one of them passes away.

Here's how a joint and survivor immediate annuity generally works:

Initial Investment: An individual or a couple invests a lump sum of money with an insurance company or a financial institution that offers annuities.

Payment Structure: In return for the lump sum, the insurance company agrees to make regular payments to the individuals for the rest of their lives. These payments usually start immediately, hence the term "immediate annuity."

Joint and Survivor Option: With a joint and survivor option, the annuity payments continue to the surviving spouse after the death of the primary annuitant (the first person named on the annuity contract). This ensures that the surviving spouse continues to receive income even if the primary annuitant passes away.

Payment Amounts: The payment amounts for joint and survivor annuities are typically lower than for single-life annuities (which only pay to one person's lifetime) because the insurance company needs to account for the possibility of making payments for a longer period due to the survivor benefit.

Percentage Option: The annuity contract specifies a percentage of the original payment that the surviving spouse will receive after the primary annuitant's death. Common options include 100% (full continuation of payments to the survivor) or a lower percentage, such as 75% or 50%.

Guarantee Period: Some joint and survivor annuities come with a guarantee period. This means that if both annuitants pass away before the end of the guarantee period (e.g., 10 or 20 years), payments will continue to a beneficiary (if named) or the annuitant's estate for the remainder of the guarantee period.

Joint and survivor immediate annuities can offer financial security for couples by ensuring that the surviving spouse has a steady income source after the death of the primary annuitant. However, they also come with trade-offs, such as potentially lower payment amounts compared to single-life annuities and the fact that the lump sum invested in the annuity is typically not accessible as a lump sum once the annuity is purchased. It's essential to carefully consider the terms, options, and potential benefits before investing in any type of annuity.

Income will be lower in the Premium Tax States of CA, CO, ME, NV, SD, TX, WY

This material is for informational or educational purposes & is not a recommendation to buy, sell, hold or rollover any asset. It does not take into account the specific financial situation, investment objectives, or need of an individual person. Withdrawals may be subject to ordinary income taxes and, if made prior to age 59½, may be subject to a 10% IRS penalty. Surrender charges may also apply. All guarantees are backed by the claims-paying ability of the issuer. Available in jurisdictions where approved.

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