SPIAs allow you to convert a registered or non-registered lump sum into a regular stream of income that can be guaranteed for the life of one or two annuitants, or for a specified period of time.
Guaranteed income
With a SPIA, there’s no danger of you outliving your capital. Your future income is guaranteed, and you will know exactly how much income you receive for life or for the period you have chosen.
Premium guarantee
If the annuitant and the successor annuitant should die before the first payment date, ivari will return the entire premium in one lump sum to the beneficiary.
Easy to manage
You don’t need to be concerned about ongoing investments or management decisions. Once you purchase a SPIA, the regular stream of income is guaranteed.
Tax-efficient income
A SPIA immediately converts a lump sum of money into a stream of tax-efficient income.
Potential creditor protection
As an insurance product, a SPIA gives you the ability to name a family member as your beneficiary. Accordingly, your investments may be protected from creditor claims. A number of conditions or restrictions could apply. Please consult a legal advisor for more information.
Estate planning
Since a beneficiary can be named within a SPIA, payment to the estate, as well as the costs and delays associated with probating a will, is bypassed.