Single-premium Immediate Annuities
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What are single-premium immediate annuities?
“Single-premium immediate annuity” is a long, descriptive name for simply “immediate annuities.” It can be a useful name, however, because it accurately conveys the message that these products require only a single payment. After that, they pay you a pension for the rest of your life.
How can that work?
The life insurance company invests your money, and pays you back a fraction of it each month. Eventually, you will get back more than you paid in. How long will that take? It depends on how much interest the annuity accrues and how long you are expected to live after the income phase of your annuity begins.
Who buys single-premium immediate annuities?
Annuities are primarily used to fund retirement plans. Single-premium immediate annuities are most useful for individuals or couples who are already at retirement age. A buyer can take his/her savings, and use them to purchase an immediate annuity, which will ensure steady income for their entire retirement, no matter how long he/she lives.
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