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Immediate Annuities
An immediate fixed annuity is designed to provide a fixed stream of income during the payout period.
An immediate annuity will begin an income stream within 12 months from the date of issue. You can decide when your immediate annuity payments will begin within that period as well as how long to receive the income from your Annuity
What is a fixed annuity?
A fixed annuity is a conservative retirement vehicle designed to  accumulate assets and provide an income stream during retirement. To help give you a better idea of what a fixed annuity is and if it is right for you, let’s compare fixed annuities to other popular conservative investment vehicles.
Certificates of Deposit or CDs. Keep in mind that both of the vehicles are high quality products therefore the “better” choice depends on each individual’s own situation and financial goals.
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You may want a single premium immediate fixed annuity. The contract can help supplement your retirement income with guaranteed payments for life or for a specific period of time. Guarantees are based on the claims-paying ability of the issuing company.
Key Product Features:
• Guaranteed lifetime income – life annuity payments offer income that can’t be outlived. Annuity payments represent principal and interest payments.
• Tax benefits - a portion of each payment (until original investment recovered) will be excluded from income taxation on contracts issued with after tax dollars. Interest payments however will be taxable.
• Inflation protection – you can elect an option to automatically increase income payments on an annual basis by 1%, 2%, 3% or 4%. Election of this feature will reduce the initial payment amount. This feature is not available with cash refund and installment refund annuity options.
• Access to cash withdrawals – during your retirement or for your beneficiary’s needs, if you choose a payout method that includes a period certain. Future payments may be reduced due to withdrawals.
• A wide range of annuity payment methods allow you to customize your income to meet your needs and goals.
• Four choices for income payment frequency – monthly, quarterly, semi-annual or annual.
Help Take Co ntrol of Your Retirement Income
With the help of your financial professional, you should review the type of retirement lifestyle you want, estimate your retirement expenses, review the assets available to help fund your retirement, and review the products and services available to convert your retirement savings into retirement income.
Select Payme nt Method
You can choose one of the following common payment methods.
The best choice for you will depend on many factors, including whether you name a joint annuitant, if you want to leave money to a beneficiary, or if you foresee a need to access cash through your contract. The choice of withdrawing all, or part of, the value of remaining period certain payments is available with payout methods that include a period certain.
Lifetime I ncome Payment Methods
• Single Life – Payments continue as long as the annuitant is alive.
• Single Life with Cash Refund – Annuity payments cease upon the death of the annuitant, subject to the Cash Refund guarantee. The Cash Refund guarantees that if the total of all annuity payments made is less than the Single Premium, the beneficiary(ies) will receive the difference in one lump sum.
• Single Life with Installment Refund – Annuity payments cease upon the death of the annuitant, subject to the Installment Refund guarantee. The Installment Refund guarantees the annuity payments will continue to be paid to the beneficiary, until the total payments made under the contract equal the Single Premium.
• Single Life with Period Certain – Payments continue as long as the annuitant is alive or for the guaranteed period, whichever is longer. If the annuitant dies before the period certain, remaining guaranteed payments are made to the payee(s) designated by the beneficiary.
• Joint and Survivor Life – Payments continue as long as either of two annuitants is alive. Upon the death of one annuitant, 100% of the payment continues for the lifetime of the surviving annuitant.
• Joint and Survivor Life with Installment Refund – Annuity payments cease upon the death of both annuitants, subject to the Installment Refund Guarantee. The Installment Refund guarantees that annuity payments will continue to be paid to the beneficiary(ies) until the total annuity payments made under this contract equal the Single Premium.
• Joint and Survivor Life with Period Certain – Payments continue as long as either of two annuitants is alive or for the guaranteed period, whichever is longer. If both die before the period certain, remaining guaranteed payments are made to the payee(s) designated by the beneficiary.
• Joint and Survivor Life with Reduction at First Death – Payments continue as long as either of two annuitants is alive. Upon the death of the first annuitant, 50%, 66.7% or 75% of payments continue for the lifetime of the other. (This annuity option is also available with the Installment Refund guarantee.)
• Joint and Survivor Life with Reduction at First Death and Period Certain – Payments continue as long as either of two annuitants is alive or for the guaranteed period, whichever is longer. When both annuitants die, 50%, 66.7% or 75% of the remaining guaranteed payments will be paid to the payee(s) designated by the beneficiary.
No n-Lifetime Income Methods
Another choice, Period Certain-Only, makes payments for a set period of time chosen by the owner, from 5 years up to 50 years.In this option only, the period may be lengthened or shortened after the first contract year, subject to certain restrictions. Upon the death of the annuitant, guaranteed payments continue to be paid to the payees designated by the beneficiary. We can provide quotes on the initial amount estimated for each payout method. You should compare these quotes before choosing a specific method.
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