Lifetime Income. Single Premium Immediate Annuities Life Income with beneficiary guarantee options.

A single life immediate annuity is an insurance product that provides a regular and consistent stream of income to an individual for the rest of their life. This type of annuity is often used as a retirement income strategy to ensure a steady source of income during retirement years.Show more

Here's how a single life immediate annuity generally works:

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

Payment Structure: In exchange for the lump sum, the insurance company agrees to make regular payments to the annuitant (the person named on the annuity contract) for the remainder of their life. These payments usually start immediately, 1 - 12 months after premium is received, hence the term "immediate annuity."

Lifetime Income: The primary advantage of a single life immediate annuity is that it provides a guaranteed income for life, no matter how long the annuitant lives. This can be especially beneficial for retirees who want to ensure they won't outlive their retirement savings.

Single life immediate annuities can be a suitable option for individuals who are primarily concerned about having a reliable income stream.

Beneficiary payments will be limited to the period certain or refund guarantee period selected one the application. Below is a list of options offed on a single life immediate annuity.

LIFE ONLY: All payments end at the death of the annuitant:

LIFE with PERIOD CERTAIN: Payments will last for the LONGER of the period certain or the life of the annuitant:

LIFE with INSTALLMENT REFUND: Payments will last for the LONGER of the life of the annuitant or the return of initial premium:

LIFE with CASH REFUND: Payments will last for the life of the annuitant, if the annuitant dies before the initial premium is paid out, any remain premium will be paid to the named beneficary/ies in a lump sum:

As with any financial decision, it's important to thoroughly understand the terms, potential benefits, and limitations of a single life immediate annuity before committing to it.

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