Single Premium Immediate Annuity

Why should you consider a
Single Premium Immediate Annuity?

Life expectancy is getting longer and retirees today face the challenge, and in some cases the reality, of running out of money. As your working life progresses, chances are you’ll probably start to ask yourself how much money you’ll need to retire. People that choose to retire early may have 5 or more years to wait until they receive Social Security or pension benefits. You may want to consider annuities as part of your retirement planning strategy because they provide a steady stream of income.

It’s time to take control of your financial future.

Sagicor’s Single Premium Immediate Annuity (SPIA) can provide you with a reliable and consistent income stream. The SPIA can provide predictable and dependable income payments, in a schedule that is designed by you. Your payments do not change in amount or frequency and, while economic conditions or investment returns may change, you can enjoy the security of a guaranteed income with no investment risk.

Features/Benefits

  • Minimum Premium Amount: $5,000
  • Payout[1] and Beneficiary options – Choose a payout plan that works for your individual situation and enjoy the option of protecting your spouse:
    • Period Certain: Guarantees you an income over a certain period of time. Should you pass away before the period certain time ends, the remaining income payments are paid to your beneficiary. Issue age of Annuitant is 15 days – no limit.
    • Lifetime Income[2]: Guarantees you a steady and predictable income for the rest of your life. Issue age of Annuitant is 15 days thru 85 years.
    • Lifetime Income with Period Certain[2]:Guarantees lifetime income with a period certain guarantee. Should you pass away before the period certain time ends, the remaining income payments are paid to your beneficiary for the remainder of that period certain. Issue age of Annuitant is 15 days thru 85 years.
    • Joint Life Income[3]: Income payments are made to you and another person for the rest of your lives. When you or the other person dies, payments continue to the survivor and can be a partial percentage, such as two-thirds, or a full 100% of the payments received when both were living. Issue age of Annuitant is 15 days thru 85 years.
    • Joint Life with Period Certain[3]: Income payments are guaranteed to be made to you and another person, or your beneficiary during a certain period. Income payments will continue to be made after the certain period, as long as one of you is living. When you or the other person dies, payments continue to the survivor and can be a partial percentage, such as two-thirds, or a full 100% of the payments received when both were living. Issue age of Annuitant is 15 days thru 85 years.
  • Flexible payment periods – Select the payment period that works best for you monthly, quarterly, semi-annual or annually.
  • 401K, 403(b), and IRA rollovers – Convert qualified and non-qualified monies or simply use your savings to enjoy a guaranteed income during retirement.
  • One-Time Withdrawal Rider (Liquidity rider) -This is an inherent rider and is included at no additional cost. This rider provides for a one-time withdrawal of no less than $2,500 and up to 30% of the withdrawal base at anytime during the period, beginning with the first contract anniversary, through the end of the guaranteed period. Use of this one-time withdrawal results in reduced annuity income payments. This rider may be exercised only by the original owner, as of the contract date.
  • No Contract expense charges or fees.
  • Free Look Provision: All premiums paid,considerations, fees or charges will be refunded if the contract is returned to Sagicor, or one of our representatives, for cancellation within 30 days after the contract is delivered. The contract will be deemed void from its beginning.

Footnotes

  1. The proceeds of the contract will be determined by the Annuitant’s age and sex. In Montana, the proceeds of the contract will be determined by the Annuitant’s age only. 
  2. Assumes one owner who is also the annuitant.  
  3. Assumes joint owners who are also the joint annuitants.  

If you have questions about the contract and riders, please contact your insurance agent. Products issued by Sagicor Life Insurance Company. Not available in all states and variations may apply. Sagicor does not provide tax, legal or accounting advice. Home Office: Scottsdale, Arizona.

Contract Forms: ICC093003/3003 and ICC096046/6046

Not FDIC insured. Not insured by any federal agency. Not a deposit or other obligation of the bank. Not bank guaranteed.