Single Premium Immediate Annuity
If you’d like more information about selling the SPIA, contact The Standard’s annuity sales team at (800) 378-4578.
If you’d like more information about selling the SPIA, contact The Standard’s annuity sales team at (800) 378-4578.
The Single Premium Immediate Annuity is an immediate annuity that gives the ability to transition your clients from an accumulation phase to an income phase of retirement, where a safe, secure source of income is critical. Additionally, large lump sums from insurance proceeds, divorce settlements or large-ticket sales can be converted into an income-producing annuity.
When it’s time to switch from the accumulation phase to the income phase, you’ll want several payment options to present to your client. Some retirees prefer regular installment payments for a specific period; others want a predictable, guaranteed lifetime income. Whatever the long-term goals and financial needs, The Standard has an option to match.
The maximum annuitant issue age for the SPIA is 90.
$5,000 is the minimum initial premium necessary to establish the policy. $1,000,000 is the maximum initial premium allowed for establishing an SPIA, however, higher amounts may be permitted with the prior approval of The Standard’s home office.
This option provides a guaranteed income for as long as you live. The income payments will cease upon your death. You can elect to guard against the effects of inflation by annually increasing the payment you receive at a compound rate of 2%, 3%, 4% or 5%.
This option provides a guaranteed income for as long as you live. The total of the payments you or your beneficiary receive will never be less than the total of the funds paid to purchase this option. If you die before receiving at least that amount, your beneficiary will continue to receive payments until the full amount is repaid.
This option provides a guaranteed income for as long as you live. If you die prior to the end of a specified period (5, 10, 15 or 20 years) your payments would be transferred to your beneficiary for the remainder of the period, ceasing at the end of the chosen period. You can guard against the effects of inflation by annually increasing the payment you receive at a compound rate of 2%, 3%, 4% or 5%.
This option provides a guaranteed income for as long as you or your joint annuitant lives. When either annuitant dies, payments continue to the survivor and can be two-thirds or 100% of the payments received when both were living. If you select the Joint and 100% Survivor Annuity option, you may also add a Period Certain option of five or more years.
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 50% 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.
This option provides a guaranteed income for a time period you specify (5, 10, 15 or 20 years). If you die prior to the end of this period, your beneficiary may continue to receive payments for the remainder of the period. You may also be eligible for the Nursing Home Waiver. If so, and if you become a nursing home resident for 30 days or more, you may receive a lump-sum payment equal to the present value of your remaining guaranteed payments.
The nursing home waiver is not available in Massachusetts. These features are not available on any of the guaranteed lifetime income options at the left. Exercising these options may represent taxable events with or without additional tax penalties.
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Product availability varies by state.
Not For Use With Consumers
Policies: SC-0-5
12477 (08/05)