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:

• Minimum Single Premium: $25,000

• Issue Ages: 5-95

• Payment Modes: Monthly, quarterly, semi-annually, or annually

• Payment timing:
  • Fixed Period: Beginning or end of mode
  • Life Contingent: End of mode 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