Secure annuity

Single premium immediate annuities

A single premium immediate annuity, or SPIA, may be ideal if you’re looking for a retirement income solution that you can't outlive. It can provide income that isn’t affected by changing interest rates or market fluctuations, and lets you determine whether you’ll receive a guaranteed income for a set period of time, for life or for a combination of the two.

Single premium immediate annuity features:

  • Income solutions can last for your lifetime, or the combined lifetimes of you and your spouse
  • Income can be provided for the period of time you choose, from 5 years to 40
  • Payments can continue to your loved ones, depending on the options you select
  • A cost of living adjustment can increase income by 1-5% each year to account for possible future inflation

Single premium immediate annuities offer:

Flexible income options

You can choose when to start receiving income, the duration of income payments and potentially provide income for your lifetime and a spouse’s lifetime.

A buffer against rising costs

An optional cost of living adjustment feature increases income payments annually to help protect against inflation.

Income stability

Your annuity’s income isn’t affected by changes in interest rates or the financial markets.

Want to learn more about saving for retirement?

How much will I need for RETIREMENT