A Single Premium Immediate Annuity (SPIA) provides a fixed monthly payment in the future. You can choose these payments to cover a fixed amount of time or for as long as you live. This product is designed to handle both new premiums and as a payout of the cash value of your current Sons of Norway product.
Who is it for?
You should consider an SPIA if you want a predictable, steady income stream into the future. The lifetime payment option guarantees a regular payment you can't outlive.
Getting started with a SPIA
With an SPIA, you have the flexibility to choose how you want to receive the payments:
- Payments can be structured as a fixed amount each month, or for just a fixed number of months.
- You can choose to receive payments for as long as you live, with or without a guaranteed minimum number of payments.
- Alternatively, you can choose to receive payments for as long as either you or your spouse live, with or without a minimum number of payments.