Annuity glossary
SPIA (Single Premium Immediate Annuity)
You hand the insurer one lump sum and income payments begin within a year, continuing for life or for a period you choose. There is no accumulation phase and little or no liquidity afterward. It is the simplest annuity: a straightforward trade of principal today for a guaranteed paycheck starting now. The contract explains the available terms, charges, access limits, and payout choices that apply. Any guarantee is backed by the claims-paying ability of the issuing insurer.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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