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Two Main Annuity Types: Immediate and Deferred
The difference between deferred and immediate annuities is just about what you'd think.

With an immediate annuity, your income payments start right away (technically, anytime within 12 months of purchase). You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy.

A deferred annuity has two phases: the accumulation phase, where you let your money grow for a while, and the payout phase. During accumulation, your money grows tax-deferred until you take it out, either as a lump sum or as a series of payments. You decide when to take income from your annuity and therefore, when to pay the taxes. Gaining increased control over your taxes is one of the key benefits of annuities.
The payout phase begins when you decide to take income from your annuity. For most people, this is during retirement. As your needs dictate, you can take partial withdrawals, completely cash-out (surrender) your annuity, or convert your deferred annuity into a stream of income payments (annuitization). This last option is essentially the same as buying an immediate annuity.

 

Single Premium Immediate Annuities (SPIAs) are purchased by a single deposit. They usually start making regular monthly payments to you immediately after the date you make that deposit. The key ingredient for an immediate annuity is the exchange which takes place between the insurance company and the buyer. The company promises to pay a monthly income for the life of the annuitant and the buyer gives up his rights to ever receiving his deposit back in a lump sum. Once an immediate annuity makes its first payment, it generally cannot be cashed in.

An immediate annuity can be purchased with funds from a variety of possible sources, such as: a maturing Certificate of Deposit (CD); monies which have accumulated in a Deferred Annuity account (see below); or funds from a tax-qualified defined benefit or profit-sharing plan, or from an IRA account.

Why should I consider buying an Immediate Annuity? What are its advantages to me?

Immediate annuities provide many advantages to the buyer, such as: (1) Security - the annuity provides stable lifetime income which can never be outlived or which may be guaranteed for a specified period; (2) Simplicity - the annuitant does not have to manage his investments, watch markets, report interest or dividends; (3) High Returns - the interest rates used by insurance companies to calculate immediate annuity income are generally higher than CD or Treasury rates, and since part of the principal is returned with each payment, greater amounts are received than would be provided by interest alone; (4) Preferred Tax Treatment - it lets you postpone paying taxes on some of the earnings you’ve accrued in a "tax-deferred" annuity when rolled into an immediate annuity (only the portion attributable to interest is taxable income, the bulk of the payments are nontaxable return of principal); (5) Safety of Principal - funds are guaranteed by assets of insurer and not subject to the fluctuations of financial markets; and (6) No sales or administrative charges.

SPIAs are particularly suitable for providing income in the following situations: (1) Retirement from Employment; (2) Terminal Funding or Pension Terminations (including deferred commencements); (3) Retired Life Buyouts; (4) Professional Sports Contracts; and (6) Credit Enhancement and Loan Guarantee Transactions.

Immediate Annuity Definitions

Period Certain Only Annuities

5-Years Period Certain (Without Life Contingency): Level payments are received for 5 years. If the annuitant should die before the end of the certain period, payments will be paid to the designated beneficiary. No payments are made to the annuitant after the end of the specified period. (You may outlive this type of annuity.)

10-Years Period Certain (Without Life Contingency): Level payments are received for 10 years. If the annuitant should die before the end of the certain period, payments will be paid to the designated beneficiary. No payments are made to the annuitant after the end of the specified period. (You may outlive this type of annuity.)

15-Years Period Certain (Without Life Contingency): Level payments are received for 15 years. If the annuitant should die before the end of the certain period, payments will be paid to the designated beneficiary. No payments are made to the annuitant after the end of the specified period. (You may outlive this type of annuity.)

20-Years Period Certain (Without Life Contingency): Level payments are received for 20 years. If the annuitant should die before the end of the certain period, payments will be paid to the designated beneficiary. No payments are made to the annuitant after the end of the specified period. (You may outlive this type of annuity.)

Single Life Annuities

Single Life Only, Without Refund: Level payments are received for the annuitant’s lifetime and cease upon the annuitant’s death.

Single Life with 5-Years Certain (aka 5-Years Certain & Continuous): Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before the end of 5 years, payments will be paid to the designated beneficiary until the end of the 5 year period.

Single Life with 10-Years Certain (aka 10-Years Certain & Continuous): Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before the end of 10 years, payments will be paid to the designated beneficiary until the end of the 10 year period.

Single Life with 15-Years Certain (aka 15-Years Certain & Continuous): Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before the end of 15 years, payments will be paid to the designated beneficiary until the end of the 15 year period.

Single Life with 20-Years Certain (aka 20-Years Certain & Continuous): Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before the end of 20 years, payments will be paid to the designated beneficiary until the end of the 20 year period.

Single Life with 25-Years Certain (aka 25-Years Certain & Continuous): Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before the end of 25 years, payments will be paid to the designated beneficiary until the end of the 25 year period.

Single Life with Installment Refund: Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before receiving an amount equal to the original premium, the periodic payments will continue to be paid to the designated beneficiary until the total payments made (annuitant and beneficiary) equal the original premium (without interest).

Single Life with Cash Refund: Level payments are received for the annuitant’s lifetime. However, if the annuitant should die before receiving an amount equal to the original premium, the difference between the premium and the total payments received will be paid in one lump sum to the designated beneficiary.

Joint & Survivor Annuities

Joint & Survivor (50%..75%) reducing on FIRST or EITHER death: Full level payments are made as long as both the annuitant and joint annuitant are alive. Upon the death of either the annuitant or joint annuitant, reduced (50%...75%) level payments will continue to the survivor for as long he/she is alive.

Adding a Period Certain provision to a Joint & Survivor (50%...75%) annuity accomplishes the following: Even if the annuitant or joint annuitant dies before the end of the certain period, payments to the survivor will not reduce until after the end of the certain period (5-25 years). If both the annuitant and joint annuitant die before the end of the certain period, full level payments will be paid to the designated beneficiary until the end of the certain period.

Joint & Survivor (50%..75%) reducing ONLY ON DEATH OF PRIMARY ANNUITANT: Full level payments will be made for as long as both the annuitant and contingent annuitant lives. Payments are never reduced to the Primary Annuitant. Payments are reduced to the Contingent annuitant should the Primary Annuitant predecease the Contingent Annuitant. (Note: This form is sometimes called Joint and Contingent annuity. However, be careful, many companies interchange their definitions for Joint and Survivor and Joint and Contingent forms. Verify that your company’s interpretation of a survivor annuity is what you have in mind to purchase.)

Adding an Installment Refund provision to a Joint & Survivor (50%...75%) annuity does the following: Full level payments will be made for as long as both the annuitant and contingent annuitant lives. Depending on whether the annuity is of the Joint & Survivor or Joint and Contingent type (see above), payments may reduce upon the death of either annuitant or only if the primary annuitant predecease the contingent Annuitant. However, if both the primary annuitant and joint annuitant should die before receiving in periodic payments an amount equal to the original premium, then the periodic payments continue to be paid to the estate or designated beneficiary until the total payments made (to both annuitants while living and to the beneficiary after the annuitants' deaths) equals the original premium (usually, without interest).

Allianz Life
10% Bonus PowerDex Elite
Nasdaq 100
Nasdaq 100
High Water
Annually
Allianz Life
10% Bonus PowerDex Elite
SP 500
SP 500
High Water
Annually
Allianz Life
5% Bonus PowerDex Elite Annuity
Fixed Account
Fixed

Annually
Allianz Life
5% Bonus PowerDex Elite Annuity
S&P 500
SP 500
High Water
Annually
Allianz Life
BonusDex Elite (50)
Fixed Account
Fixed

Great American Life Insurance Company
American Legend
Monthly Averaging Capped
SP 500
Annual Ratchet
Annually
Great American Life Insurance Company
American Legend
Monthly Averaging Index Spread
SP 500
Annual Ratchet
Annually
Great American Life Insurance Company
American Legend II - Platinum Series
Annual Point-to-Point
SP 500
Annual Ratchet
Annually
Great Americ

Annually
Allianz Life
BonusDex Elite (50)
Nasdaq 100
Nasdaq 100
Annual Ratchet
Annually
Allianz Life
BonusDex Elite (50)
SP 500
SP 500
Annual Ratchet
Annually
Allianz Life
FlexDex Multi Choice Elite (100)
Fixed Account
Fixed


Allianz Life
FlexDex Multi Choice Elite (100)
Nasdaq 100 Monthly Averaging
Nasdaq 100
Annual Ratchet
Annually
Allianz Life
FlexDex Multi Choice Elite (100)
Nasdaq 100 Monthly Point-to-Point
Nasdaq 100
Point to Point
Annually
Allianz Life
FlexDex Multi Choice Elite (100)
SP 500 Monthly Averaging
SP 500
Annual Ratchet
Annually
Allianz Life
FlexDex Multi Choice Elite (100)
SP 500 Monthly Point-to-Point
SP 500
Point to Point
Annually
Allianz Life
InfiniDex Annuity
Fixed
Fixed
Annual Ratchet
Annually
Allianz Life
InfiniDex Annuity
Nasdaq-100 Index
Nasdaq 100
Monthly Crediting

Annually
RBC Insurance
Index Master S&P 7 Year
S&P 7 Year
SP 500
Annual Ratchet
Annually
Annually
ING USA Annuity and Life
ING Secure Index Opportunities Plus (75)
Fixed
Fixed

Annually
ING USA Annuity and Life
ING Secure Index Opportunities Plus (75)
Monthly Averaging Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Opportunities Plus (75)

 

American Legend
Annual Point-to-Point
SP 500
Annual Ratchet
Annually
Great American Life Insurance Company
American Legend
Declared Rate Strategy
Fixed

Annually
an Life Insurance Company
American Legend II - Platinum Series

Annually
Great American Life Insurance Company
American Legend II - Platinum Series
Monthly Averaging Capped
SP 500
Annual Ratchet
Annually
Great American Life Insurance Company
American Legend II - Platinum Series
Monthly Averaging Index Spread
SP 500

Great American Life Insurance Company
American Valor II - Platinum Series
Daily Averaging with Participation Rate (No Cap)
SP 500
Annual Ratchet
Annually
Great American Life Insurance Company
American Valor II - Platinum Series
Fixed
Fixed

Annually
Great American Life Insurance Company
American Valor II - Platinum Series
Monthly Averaging with Index Spread (No Cap)
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING USA Annuity and Life
ING Secure Index
Fixed Interest Strategy (FIS)
Fixed


ING USA Annuity and Life
ING Secure Index
Guaranteed Index (GIS) (5)
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index
Traditional Index (TIS) (5)
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index (100)
Fixed Interest Strategy (FIS) (100)
Fixed


ING USA Annuity and Life
ING Secure Index (100)
Guaranteed Index (GIS) (100)
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index (100)
Traditional Index (TIS) (100)
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five
Fixed
Fixed

Annually
ING USA Annuity and Life
ING Secure Index Five
Monthly Average Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five
Point-to-Point Cap Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five
Point-to-Point Participation Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five (75)
Fixed
Fixed


ING USA Annuity and Life
ING Secure Index Five (75)
Monthly Average Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five (75)
Point-to-Point Cap Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Five (75)
Point-to-Point Participation Index
SP 500
Annual Ratchet
Annually
ING USA Annuity and Life
ING Secure Index Opportunities Plus
Fixed
Fixed

ING USA Annuity and Life
ING Secure Index Opportunities Plus

nually
Old Mutual Financial Network
Index Rewards 5
1-Year S&P 500 Point to Point
SP 500
Annual Ratchet
Annually
Old Mutual Financial Network
Index Rewards 5

Annually
Midland National Life
Prosperity Choice 7
Lehman Bros. US Aggregate
LB US Aggregate Bond
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
Nasdaq-100 Annual Point-to-Point
Nasdaq 100
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
Russell 2000 Annual Daily Average

Midland National Life
Prosperity Choice 7
S&P 400 Annual Daily Average
SP 400
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
S&P 400 Annual Point-to-Point
SP 400
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
S&P 500 Annual Daily Average
SP 500
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
S&P 500 Annual Point-to-Point
SP 500
Annual Ratchet
Annually
Midland National Life
Prosperity Choice 7
S&P 500 Monthly Point-to-Point
SP 500
Annual Ratchet
Annually
Midland National Life
Veridian
Dow Jones Annual Point-to-Point
Dow Jones
Annual Ratchet
Annually
Midland National Life
Veridian
Dow Jones Daily Average
Dow Jones
Annual Ratchet
Annually
Midland National Life
Veridian
Fixed
Fixed

Annually
Midland National Life
Veridian
Nasdaq-100 Annual Point-to-Point
Nasdaq 100
Annual Ratchet
Annually
Midland National Life
Veridian
R

1 Year Annual Point to Point
SP 500
Annual Ratchet
Annually
Old Mutual Financial Network
Spectrum Rewards Choice 7 (1.5)
1 Year Monthly Average
Year
Fixed
Fixed

Annually
RBC Insurance
Index Master Dow 5 Year

 

 

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