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Single Premium Immediate Annuity

A single premium immediate annuity is an annuity in its simplest form--it converts a sum of money into a stream of payments that are guaranteed for life. A single premium immediate annuity (SPIA) is sometimes referred to as an immediate annuity or a life annuity. A SPIA provides guaranteed payments to you (or you and a spouse if you are married) as long as you live. The amount that you use to purchase the annuity is transferred to the insurance company in a single, lump-sum payment. A single premium immediate annuity is relatively inexpensive (in terms of fees) when compared to other annuity types, and although this annuity type is straightforward, it is powerful and preferred by many financial advisors and economists. With a single premium immediate annuity: 1) the money goes in as a lump sum; 2) the money can be invested at a fixed or variable rate, and; 3) payments start right away and can be fixed or variable.

How Much Annuity Income Would the Median 401k Balance Produce?

The Lifetime Income Disclosure Act introduced by the U.S. Senate last year would require 401k plan sponsors (employers) to provide plan participants (employees) with estimates of the amount of lifetime income that would be generated by their account balances.

Achaean Financial is Proving Innovation is Alive and Well in the Annuity Business

Lorry Stensrud, a seasoned executive turned entrepreneur, is on the leading-edge of retirement income product development with his new Venture Achaean Financial.

Achaean’s Income Plus+ product provides a relatively high level of guaranteed starting income while maintaining both liquidity and upside potential.

Read on for a glimpse into the most recent generation of product development in the retirement income industry.

 

Sagicor Life

Sagicor Life Insurance Company is part of the Sagicor Group that was founded in 1840 and is one of the world's oldest insurance companies. Sagicor Life Insurance Company that aims to provide customers with Wise Financial Thinking For Life is licensed to offer its products in 45 States including the District of Columbia. The company offers individuals a range of financial solutions that include life insurance, annuities and combination products. A brief overview of products from Sagicor Life Insurance Company is as follows:

Presidential Life

Presidential Life is a provider of fixed deferred and immediate annuities and life insurance products to financial service professionals and their clients across the United States. Presidential Life annuity offerings fall under the following areas: 1) Flexible Premium Deferred Annuity (FPDA): An FPDA is a tax-deferred annuity that will accept multiple premium payments while the annuity is in an accumulation period. FPDA annuities may accept salary reduction payments, bank draft or pre-authorized check plan payments, transfers, rollovers, and single sum direct payments.

Erie Insurance

Erie Insurance, a J. D. Power and Associates recipient, is a multi-line insurance company, offering auto, home, business and life insurance through a network of independent insurance agents. The company's geographic presence extends to 11 states and the District of Columbia; from New York to North Carolina and from Wisconsin to Tennessee. Some of the company's life insurance and retirement related products include: 1) Whole Life: Whole life insurance is the most common type of permanent insurance.

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