Single Premium Immediate Annuity

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Rock Solid Income

If an inheritance, financial settlement, or your accumulated retirement savings leaves you with a substantial sum of money, our Single Premium Immediate Annuity (SPIA) can provide guaranteed lifelong income.

  • The SPIA provides regular income payments for life or for a specific term

  • Choose an income schedule that suits your needs: monthly, quarterly, semi-annually or annually

  • Receive income payments of $50 or more

  • Begin a SPIA with a minimum of $10,000

  • Protect your income with our Inflation Index Option

  • RRSP eligible

  • Income payments must begin within 10 months of your SPIA purchase

Income Options

Choose the income option that's best for you:

  • A Single Life Annuity without a Guaranteed Period provides income for life.

  • A Single Life Annuity with a Guaranteed Period provides income for life; however, if you die before the end of the guaranteed period, payments are made to your beneficiary for the remainder of the period.

  • A Term Certain Annuity provides income for a specified term only.

  • A Joint & Last Survivor Annuity without a Guaranteed Period can provide lifelong income for a married couple; annuity payments may be reduced upon the first death.

  • A Joint & Last Survivor Annuity with a Guaranteed Period provides a married couple with income for life; annuity payments may be reduced upon the first death. However, if both individuals die before the end of the guaranteed period, payments are made to the beneficiary for the remainder of the period.

Benefits of Membership

When you purchase an SPIA you also receive the benefits of membership - people who care, information to help throughout life, and a means for you to be of help to others. Talk to your FaithLife Financial Representative today or contact our head office for more information.