logo
  • Solutions for Life
    • Find your solution:
    • Single
    • Married
    • Family
    • Empty-nesters/Retirees
    • Business Owners
    • Life Insurance Calculator

    You may think that if you’re single, you don’t need life insurance. But do you have aging parents who may need to rely on you someday for financial support? How about major co-signed debt? Have you thought about setting something aside for your own future?

    Learn more about how you can protect your loved ones with life insurance and fixed annuities.

    Married life brings with it a world of joy. It also brings a world of challenges and responsibilities. Whether you're just starting out or you're approaching a major milestone in your marriage, chances are, you have something worth protecting.

    Learn more about protecting your spouse with life insurance and planning for the future with fixed annuities.

    Your family relies on all of your contributions, whether financial or emotional. You may be a breadwinner, but bread isn't the only thing you bring to the table. If the worst should happen, life insurance can help you protect your family even after you're gone.

    Learn more about safeguarding your family's dreams with life insurance.

    You've spent a lifetime building your family alongside your dreams. Now, let us help you embark on another set of dreams. In addition to protecting your loved ones now, life insurance and fixed annuities can also guarantee an estate for your heirs.

    As they say, the best is yet to come. Learn more about protecting whatever comes next in your life.

    Your business is your legacy. You've built it, nurtured it and poured your life into it. Life insurance can help keep your business going if you're gone, providing coverage for buy-sell agreements and in some cases build a cash value that you can borrow against if things get tough.

    Learn how you can protect your great American dream with life insurance.

    If you aren't sure about the amount of life insurance coverage you need, use the life insurance calculator to help get you started.

    This calculator will give you an idea of how much coverage you will want to look into getting to help meet your financial security goals.

  • Products
    • Life
    • Term Life Insurance
    • Universal Life Insurance
    • Gleaner’s Blueprint Whole Life Series™
    • Just For Kids®
    • Annuities
    • Flexible Premium Annuities
    • Indexed Annuities
    • Single Premium Deferred Annuities
    • Single Premium Immediate Annuities

    Gleaner provides life insurance and fixed annuity solutions to meet your needs. Learn more about how our products can help you protect all of the important things in your life.

    Consult an agent

  • Giving Back
    Give and Grow
    Faith In Action
    Arbors

    Make a difference in your community. Give and Grow with Gleaner Life.

    As a faith-based not-for-profit organization, Gleaner helps to better our members' communities by providing the funding to complete volunteer projects. Explore how our members help us to be a major force for good.

    Funded entirely by Gleaner, our arbors or service clubs allow members to get involved in their communities by volunteering and making donations to charitable causes without the hassle of fundraising.

  • Choose Gleaner
    About Us
    Our History
    Member Benefits

    Gleaner Life Insurance Society provides both financial security and volunteer opportunities to members. Our competitive life insurance and annuity products help members to safeguard their dreams now and in the future.

    Much of what makes Gleaner what it is today was set in motion more than 128 years ago when Grant Slocum, a farmer's son, had a vision for a fraternal society that would protect farmers and their families.

    In addition to life insurance and annuity products, Gleaner members and their families enjoy a variety of member benefits, including shopping discounts, scholarship opportunities and family-friendly events.

  • My Account

800.992.1894

  • Careers
  • Forms
  • Publications
  • Contact Us
  • Secure File Transfer

Guaranteed income with Single Premium Immediate Annuity

November 14, 2022

Retirement’s worst mistake, according to many people, is failing to plan for it. That’s especially true for individuals who haven’t yet planned how to create dependable retirement income, or how to pass on an inheritance to others.

One solution can be a Single Premium Immediate Annuity (SPIA) such as the Gleaner Life Foundation Series® SPIA. It is the first new SPIA introduced by Gleaner in 31 years, designed to add certainty in this time of uncontrollable economics.

A SPIA, also known as an income annuity, is a contract with an insurer. It is the most basic and oldest type of annuity, originating during the Roman Empire. In exchange for a one-time premium, the insurer guarantees to make defined payments for a specified length of time or, if the purchaser chooses, for as many years as the annuitant continues to live. Payments begin within a year of purchase, and there are some tax benefits.

The Foundation SPIA offers 14 different payment options to meet a variety of needs. These can help address several concerns people typically have entering retirement:

How can I turn savings into income? — A SPIA can convert a lump sum, whether from years of saving or from a sudden windfall, into a steady stream of payments their owners can count on. With five different fixed period payment options in the Foundation SPIA, owners know exactly how much to expect. They also know when their secure, electronic payment will be deposited.

What if I live longer than I expect and risk running out of money? — An owner can instead choose to receive payments for the length of their lifetime, no matter how many years they enjoy. These typically pay higher rates of interest. In addition, the six Single Life payment plans include four term-certain options, meaning that payments will continue to their beneficiary if the annuitant dies before the term ends. For example, if a person purchases a Life with Twenty Year Period Certain and then dies 11 years later, payments will continue to their beneficiary for the nine remaining years. There also is a Life with Premium Refund plan. This option guarantees that, if the annuitant dies before receiving back the amount of their premium, the balance will be paid to their beneficiary.

What about taking care of a couple after one person dies? — The Foundation SPIA also offers options for two joint annuitants. Payments are based on the life expectancy of both people. When one annuitant dies, the second annuitant will continue to receive 100% of the regular payment for the rest of his/her life. The three options are: Joint Life Only (payments for as long as at least one of the annuitants is alive with no guaranteed period); Joint Life with Ten Year Period Certain (payments made as long as at least one of them is alive with a minimum guaranteed period of 10 years) and Joint Life with Twenty Year Period Certain (the same but with a guaranteed period of 20 years).

How can a SPIA help provide an inheritance? — One strategy involves using a SPIA to purchase permanent life insurance such as whole life or universal life. These provide permanent coverage, create cash value you can borrow interest-free while alive, and — as life insurance — their death benefit is passed tax free to the beneficiary. This strategy can make the total benefits significantly larger than the original lump sum used to purchase the SPIA.

The guaranteed income stream from a SPIA also can be used as a bridge to Social Security. By planning, a person who retires in their early or mid-60s can wait until age 70 to claim the maximum Social Security benefit. There are other ways a SPIA could help you plan for retirement. Contact your Gleaner agent or visit www.gleanerlife.org/products/annuities/single-premium-immediate-annuities to learn more.

Gleaner Life Insurance Society is domiciled in Michigan and licensed in AZ, FL, GA, IA, IL, IN, KS, KY, MI, MO, NC, NE, OH, PA, SC, TN, VA, WI and WV. Foundation SPIA Form # ICC22-IA with state-specific variations. This article is intended for informational purposes only. It is not intended to recommend a specific product, nor is it intended to provide any legal or professional advice. For information on possible tax implications, you should consult with a legal or tax adviser.

Previous Back to News & Events Next

Solutions for Life

  • Single
  • Married
  • Family
  • Empty-nesters / Retirees
  • Business Owners

Products

  • Life Insurance
  • Annuities
  • Consult an agent

Choose Gleaner

  • About Us
  • Member Benefits
  • Our History
  • News & Events

Giving Back

  • Arbors
  • Faith in Action
  • Find an Arbor

Receive Gleaner news & updates

Contact Us
gleaner@gleanerlife.org
p 800.992.1894 | f 517.265.7745

Privacy Notice

Gleaner Life Insurance Society is domiciled in Adrian, Michigan, and licensed in AZ, FL, GA, IA, IL, IN, KS, KY, MI, MO, NC, NE, OH, PA, SC, TN, VA, WI and WV. 

©2016 Gleaner Life Insurance Society