Immediate annuities
Immediate annuities allow you to turn your savings into a guaranteed stream of income.
What is an immediate annuity?
An immediate annuity (also referred to as a Single Premium Immediate Annuity or SPIA) is a financial product that guarantees you will receive a consistent cash flow of scheduled periodic payments, for as long as you choose—either for life or a set period of time. If you have a sum of money and are looking for guaranteed income, or if you simply want to take your financial future above and beyond, an immediate annuity may be right for you.
What are the advantages?
Guaranteed income
With an immediate annuity, you’re guaranteed a consistent cash flow of scheduled periodic payments, for as long as you choose.
Payments for life
If you choose to receive payments for life, your future income will never run dry.
Tax advantages
Funding an immediate annuity with money that you’ve already paid taxes on means you’ll have a source of income that’s partially tax free. Plus, its tax-deferred status allows you to benefit from compounded growth.
Take your financial future above and beyond
If you want the security of guaranteed income for the rest of your life or for a set period of time, an immediate annuity may be right for you. If you're interested in other benefits, we also offer fixed, fixed-indexed and registered index-linked annuities.