Over the past few years the SPIA product has gone through some changes. As companies and agents realize the importance of lifetime income guarantees the SPIA product has been enhanced by most carriers. The most popular and important changes are listed below and are addressed in earlier issues of the FSD Journal:

Problem
Assets don’t pass to heirs upon death.

Solution
With the money back guarantee or minimum period option, this is no longer true.

Now a "premature" death will leave assets to the heirs, but most importantly you still get an income which can’t be outlived.

Problem
Being a fixed benefit, inflation will reduce my future buying power.

We can now offer payments that are guaranteed to increase by 3, 4 or 5% per year for as long as the annuitant lives.

Think about it – a lifetime income with a guaranteed annual raise and a money back guarantee!

Problem
The client isn’t in perfect health.

Solution
We can submit health data and get an underwritten (rated) SPIA.

By underwriting an annuitant we can get a much higher payout than standard.

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