SPIA
A Single Premium Immediate Annuity. A contract that converts a single premium into guaranteed periodic income beginning within 12 months of issue.
Example
A 65-year-old pays $100,000 and receives $600 per month for life.
A Single Premium Immediate Annuity. A contract that converts a single premium into guaranteed periodic income beginning within 12 months of issue.
A 65-year-old pays $100,000 and receives $600 per month for life.