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.

 

Is the SPIA right for you?

Talk to a Sons of Norway Financial Benefits Counselor to find out.Get your free Financial Review and get started toward a more secure tomorrow.

Single Premium Deferred Annuity (SPDA) helps you accumulate money for retirement and other financial needs on a tax-deferred basis. It requires a one-time minimum premium deposit of $10,00 and there are no sales charges; meaning 100 percent of your money is earning tax-deferred interest from the day it is received until the day it is withdrawn.*

By investing primarily in high-quality corporate and U.S. Government bonds and notes, Sons of Norway can offer this income product that will never receive less than 1 percent interest.

Who is it for?

The SPDA is ideal if you're changing jobs or retiring – simply rollover your retirement plan to start one. Rollovers are tax-free and ideal for 401(k), 403(b), 457, SEP, KEOGH, Simple Plans and other employer-sponsored Qualified Retirement Plans. The SPDA is also ideal for your traditional, Roth or Simple IRA.

 

Unique advantages of the deferred annuity

  • Deferred taxes, maximum interest: Taxes are deferred 100% while you earn interest on your principal, interest on your interest, and interest on money that otherwise would have been paid in taxes. The only time taxes are assessed is when the benefits are paid.
  • Avoid probate: when death occurs, the accumulated funds are paid out to a named beneficiary, thus avoiding the expense and delay of the probate process.
  • Single Premium Deferred Annuity is a high-grade, low-risk product offering a competitive interest rate and a first year interest bonus.

*Withdrawals during the first five years in excess of permitted partial free withdrawals are subject to a surrender charge. Withdrawals prior to age 59½ may be subject to an IRS 10% tax penalty in addition to any surrender charges.

 

Want to learn more about a Single Premium Deferred Annuity?

A Sons of Norway Financial Benefits Counselor can help you to determine if this annuity is right for you. Get your freeFinancial Review and get started toward a more secure tomorrow.

Flexible Premium Deferred Annuity (FPDA) helps you accumulate money for retirement and other financial needs on a tax-deferred basis. It allows you to set your own premium and make additional payments at any time. And since there are no sales charges, all of your money earns tax-deferred interest from the day it's received until the day it is withdrawn.*

By investing primarily in high-quality corporate and U.S. Government bonds and notes, Sons of Norway can offer this income product that guarantees you'll always get back 100 percent of your principal and never receive less than 1 percent interest.

Who is it for?

A flexible premium deferred annuity might be right for you, if:

  • You want to earn interest on money without paying current income taxes.
  • You’d like to earn a competitive interest rate without market risk.
  • You enjoy having access to your money.
  • You're concerned about the probating of your estate.

Unique advantages of the deferred annuity

  • Deferred taxes, maximum interest: Taxes are deferred 100% while you earn interest on your principal, interest on your interest, and interest on money that otherwise would have been paid in taxes. The only time taxes are assessed is when the benefits are paid.
  • Avoid probate: when death occurs, the accumulated funds are paid out to a named beneficiary, thus avoiding the expense and delay of the probate process.
  • A Flexible Premium Deferred Annuity is a high-grade, low-risk product, offering a competitive interest rate and a first year interest bonus.**  

* Withdrawals during the first eight years in excess of permitted partial free withdrawals are subject to a surrender charge. Withdrawals prior to age 59 1/2 may be subject to an IRS 10% tax penalty in addition to any surrender charges.

** Bonus requires a minimum deposit of $10,000.

 

Ready to talk about a Flexible Premium Deferred Annuity?

Our Sons of Norway Financial Benefits Counselor James J Donovan can help you get started. Get your free Financial Review and get started toward a more secure tomorrow.

2018 Newsletters and Flyers

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