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Application for Single Premium Settlement Annuity

Application for Single Premium Settlement Annuity 2025

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The document is an application form for a Single Premium Settlement Annuity from Pacific Life & Annuity Services, Inc. It requires personal information of the applicant and other measuring lives, including names, social security numbers, birthdates, and addresses. The document outlines the ownership structure of the annuity and specifies that the application will be part of the issued annuity. It also states conditions under which the annuity takes effect and emphasizes that no modifications are valid unless documented in writing.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a single premium annuity?

A SPIA is a financial contract between you and an insurance company that can turn your retirement savings into a guaranteed income stream. You agree to pay the insurance company a lump sum of money upfront (the single premium), and the insurance company converts that money into an immediate income stream (an annuity).

Can annuity premiums be single premiums?

An annuity may be either a single premium or a multiple premium contract. Single premium contracts require you to fully fund the annuity contract in one single premium payment. You cannot add additional money to the account.

What is the difference between a flexible premium annuity and a single premium annuity?

Single premium annuities are often funded by rollovers or from the sale of an appreciated asset. A flexible premium annuity is an annuity that is intended to be funded by a series of payments.

What type of annuity is a SPIA?

Single premium annuities can be a smart choice if you need a dependable source of retirement income and have enough money on hand to make a lump-sum purchase. And while these products can help make your retirement more relaxing and enjoyable, they may not be right for everyone.

Can annuity premiums be fixed level premiums?

There are two basic types of annuities fixed and variable . In a fixed annuity, the insurance company guarantees that you will earn a minimum rate of interest during the time your account is growing . The interest rate may fluctuate .

How much does a single premium annuity cost?

Single Premium Immediate Annuities Single Premium2 Year25 Year $10,000 to $24,999 4.15% 5.00% $25,000 to $49,999 4.20% 5.05% $50,000 to $99,999 4.30% 5.10% $100,000 to $1,000,000 4.35% 5.10%

Can you add money to a single premium annuity?

Single premium contracts require you to fully fund the annuity contract in one single premium payment. You cannot add additional money to the account. Multiple premium contracts allow an annuity to be funded by using premium payments over a period of time.

Application for Single Premium Settlement Annuity 2025

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