YOUR LIFE IS OUR BUSINESS 

An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. 

Single Premium Immediate Annuities (SPIA) 

Single Premium Immediate Annuities (SPIAs) are purchased with a single premium deposit. As the name implies, the annuity usually start making regular scheduled payments to you immediately after you turn over the funds to the insurance company. Typically this means 30 days from the date of deposit; but within certain limits you can also to defer the date that payments begin. 

Single Premium Deferred Annuities (SPDA) 

A deferred annuity purchase having one lump sum premium payment. Single premium deferred annuities offer the tax benefit of increasing in value tax free until distribution takes place. Thus, an investor could pay a large a single premium, have the investment build up free of taxes for a period of years, and then receive partially taxable annuity payments at retirement. A single premium deferred annuity is more flexible than an individual retirement account but unlike contributions by some individuals to an IRA, a premium to purchase a deferred annuity is not deductible for tax purposes. 

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