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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 includes terms regarding the effectiveness of the annuity and conditions for binding agreements.

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Click ‘Get Form’ to open the Application for Single Premium Settlement Annuity in our platform.
Begin by filling out the 'Measuring Lives' section. Enter the first, middle, and last names of each individual, along with their Social Security numbers, sex, and birthdates. Ensure you have proof of age ready as it is required.
Next, provide the addresses for each individual listed. Fill in the street address, city, state, and zip code accurately.
In the 'Owner of Annuity' section, specify whether the owner is an individual, partnership, corporation, or trustee. Include the taxpayer ID/EIN number as required.
Complete the 'Annuity Plan and Schedule of Payments' section. If additional information is needed regarding annuity payments, you can add this via an addendum.
Finally, indicate the amount paid with this application under 'Valuable Consideration'. Review all entries for accuracy before signing at the designated area.

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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.

How do I choose the right SPDA?

First, consider when youll need to begin receiving income from the annuity. A SPDA tends to be more beneficial when you have a longer window for the accumulation phase when your money is growing. If you need to start receiving monthly income payments right away, an immediate annuity might be preferable.

When should I consider a deferred annuity?

Income tax advantages and considerations For one thing, unlike retirement accounts, there are generally no limits on how much you can pay into an annuity, making it a good choice for those who are maxing out other retirement savings vehicles. Like an IRA or 401(k), the earnings within the annuity grow tax deferred.

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).

Who is likely candidate to purchase a deferred annuity?

A declared rate fixed annuity is a type of insurance product designed to provide a guaranteed interest rate for a set period. It is suitable for individuals who want to secure their principal and earn interest without any risk of losing their initial investment.

Is a spia a good idea?

The advantages of a SPIA compared to a bond fund is that the monthly payouts are higher than the sustainable withdrawals from a bond fund, and are guaranteed to continue for the rest of your life no matter how long you live.

Who should consider an SPDA?

If your main goal is to receive income right now, an immediate annuity might be more suitable. On the other hand, if youre still working or dont need the income immediately, an SPDA can allow your investment to grow tax-deferred before you start taking distributions.

Application for Single Premium Settlement Annuity 2025

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