Single Premium Immediate Annuity (SPIA)
The Gleaner Life Foundation Series® Single Premium Immediate Annuity (SPIA) is a simple way for you to establish a guaranteed stream of income. In exchange for a single lump-sum premium, Gleaner Life promises to make periodic payments for a timeframe chosen by you. The stream of payments provides immediate income that begins during the first year.
Product Features:
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Minimum Single Premium: $25,000
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Issue Ages: 5-95
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Payment Modes: Monthly, quarterly, semi-annually, or annually
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Payment timing:
• Fixed Period: Beginning or end of period
• Life Contingent: End of period only -
Payment options:
The Foundation SPIA offers 14 different payment options within three general categories. -
Fixed Period: Payments are made for the selected period and then cease once the period is completed. There are five available Fixed Period options:
• Five Year Fixed Period
• Seven Year Fixed Period
• Ten Year Fixed Period
• Fifteen Year Fixed Period
• Twenty Year Fixed Period -
Single Life: Payments are made for the annuitant’s lifetime and provide a stream of income that the annuitant can never outlive. There are six Single Life plans, including five that make remaining payments to a beneficiary if the annuitant dies prior to the end of the guaranteed period. The six payment options based on a single life are:
• Life Only
• Life with Five Year Period Certain
• Life with Ten Year Period Certain
• Life with Fifteen Year Period Certain
• Life with Twenty Year Period Certain
• Life with Premium Refund -
Joint Life with 100% to Survivor: Payments are based on the life expectancy of two annuitants. When one annuitant dies, the second annuitant will continue to receive 100% of the payment for the rest of his/her life. There are three options:
• Life Only
• Life with Ten Year Period Certain
• Life with Twenty Year Period Certain
