Securian Launches Its First SPIA
November 30, 2008
Securian Financial Group, a mutually owned company, has launched a new single premium immediate annuity (SPIA) called IncomeToday! that will be issued by its Minnesota Life subsidiary. Securian has offered a single premium immediate variable annuity (SPIVA) before, but not a SPIA.
IncomeToday! provides a stream of fixed monthly payments for life or for a certain period, with a minimum initial premium of $25,000. The product also offers one-time access to a lump sum withdrawal during the life of the contract, no matter the reason, after which the monthly payment is adjusted to reflect the withdrawal.
Like other SPIAs, Securian’s new immediate annuity also stretches the tax liability from the distribution of pre-tax savings over a longer period and, by offering greater financial security, enables contract owners to invest for growth with their non-annuitized assets. The product is available to anyone up to age 90.
“With fewer employers offering the traditional pensions that guarantee income in retirement, more of us—especially women, who tend to live longer—are facing the challenge of providing ourselves with retirement income,” said Kerry Geurkink, director, Annuity Marketing, Securian Financial Group. “IncomeToday! creates a pension-like source of income to fill that gap in retirement.”
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