Solitary Premium Immediate Annuities. Just what exactly is A premium that is single immediate (SPIA)?
A premium that is single annuity, or SPIA, is really an agreement where you spend an insurance provider a lump sum payment of income at the start, called a premium, in return for fully guaranteed, regular re re re payments for a lifetime or higher a collection time period. A SPIA can start having to pay nearly instantly when you buy it or in the 12 months.
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Just what exactly is A premium that is single immediate (SPIA)?
A SPIA is just a contract between both you and an insurance coverage business created for earnings purposes just. Unlike a deferred annuity, an instantaneous annuity skips the accumulation stage and starts having to pay income either straight away or within per year once you've bought it with an individual, lump-sum repayment. SPIAs will also be called payment that is immediate, earnings annuities and immediate annuities.
This annuity could be the type that is oldest, dating back to to the ancient Roman Empire.