Single Premium Immediate Annuities
PRODUCT OVERVIEW
A single premium immediate annuity (SPIA) can be a more predictable option for retirement planning because of its consistent structure. After a lump sum premium is paid up front, this annuity pays out a set amount on a regular basis (such as monthly) for the rest of the client’s life and/or a set period of time.
In contrast, fixed SPIAs can help make retirement planning easier. They also allow for a higher withdrawal rate than that of other portfolio options (such as stocks, bonds and mutual funds) over the course of a potentially long retirement.
Another important benefit is the “immediate” start of income payments after it’s set up; usually the first payment is disbursed about a month after an application has been submitted.
WHY AGENTS OFFER SINGLE PREMIUM IMMEDIATE ANNUITIES
Are these plans beneficial for the people in your community and the areas you serve?
Do you offer similar/competitive products?
There are many compelling reasons to offer Single Premium Immediate Annuities, such as:
You can help families with some of the most difficult decisions of their life
You can provide your clients with peace of mind, as they will know they have a health plan behind them
You’ll be serving the needs of your clients and community
You can offer a profitable product that will help your bottom line