An Immediate Annuity With Inflation Protection and Life Commutation Options
The Tailored Income Annuity from The Standard is a single-premium, immediate annuity. We designed the TIA to help you insure against outliving your income. It provides regular, guaranteed income payments for a chosen time period or for your lifetime. This annuity is an excellent way to maintain an income stream matched to your personal financial needs, with flexible lump-sum payment options.
This annuity may also be a good vehicle for large lump sums from insurance proceeds, group retirement plans, divorce settlements or large-ticket sales, which can be converted into an income stream.
How this Annuity Works
You purchase the annuity with one premium payment or with annuitization of your annuity funds from a deferred annuity. You select the payment option and payment frequency that best suits your needs.
Tailor Your Annuity to Fit Now and Later
Optional: Life Income Commutation
A special-feature that allows you to add a commutation feature to some of the life income payment options.
Commutation is a substitution or exchange of one kind of payment for another. For example, this annuity offers a feature that can let you commute (exchange) a percentage of future payments for a current lumpsum payout. You may commute up to 10 percent of future benefits in any contract year (after an initial two years). After you start, your remaining payments will be reduced by the percentage commuted. You may commute a maximum of 20 percent of future payments over the lifetime of a contract.
You must select this option at purchase in order to have this feature.
Optional: Inflation Protection
A special-feature on some of the income payment options. You can elect payment increases to help offset the effects of inflation. You may choose an annual payment increase of 1, 2, 3, 4 or 5 percent. The increased payments will begin one year after the first payment and continue to increase annually.
You must select this option at purchase in order to have this feature.
