A single premium immediate annuity, or SPIA, is a type of annuity that offers the annuitant a guaranteed stream of income. It is a contractual arrangement between the annuitant and an insurance company that can immediately take effect following a lump-sum payment.
Annuitants can receive regular payments as soon as 30 days following the purchase of the SPIA. The annuity owner can also arrange to have payments deposited a year after the lump-sum payment.
With a SPIA, there’s no accumulation period. All an annuitant has to do is purchase one, arrange for the payout terms, and receive the payments.
As a purely income-generating annuity, the SPIA is arguably the simplest of all annuity types. Of course, you must ultimately decide whether or not it’s the best type of annuity for your situation and risk appetite.
We’re here to make your decision-making easier. Watch the video to learn more.
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