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SPIA Payment Options
A Single Premium Immediate Annuity offers immediate income from one premium payment of $5,000 or more. The income payment amount and frequency of payments are selected at the time you purchase the annuity and cannot be changed, and the fixed annuity cannot be surrendered once payments begin. Available options for income guaranteed1 payments include: Life Income with Period Certain ― Income payments are made in equal installments for your lifetime, but are guaranteed1 to be paid for a certain number of years you select, such as 5 or 10. To help guard against inflation, you may choose to have your payments increase each year by 1%, 2%, 3%, 4% or 5%, compounded annually. This payment option can be used for essential and non-essential expenses, and to help pay for additional coverage needs, such as life or long-term-care insurance. In addition, you can have earlier access to your money with the Liquidity Rider2, which is available at no cost. By electing the Life Income with Period Certain option, you can withdraw a certain amount before the end of the time period you select. A withdrawal will proportionately reduce future payments during that time period. Life Income with Cash Refund ― Income payments are made in equal installments for your lifetime, with the guarantee1 that the total benefit paid will be at least the amount of your single premium. This payment option can be used for essential and non-essential expenses, and to help pay for additional coverage needs, such as life or long-term-care insurance. Fixed Period ― Income payments are made in equal installments for a designated number of years that you decide, such as 10 or 15. This payment option can be used to bridge an income need before pension or Social Security benefits begin. It can also be used for essential and non-essential expenses, and to help pay for additional coverage needs, such as life or long-term-care insurance. Joint and 100% Survivor Life Income ― Monthly income payments are made to you and your spouse (or other annuitant) throughout both lifetimes. Upon your death or that of the other person, monthly payments will continue at the same amount to the survivor. At the survivor's death, all payments end. The purpose of this option is to provide lifetime income for two people. This payment option can provide peace of mind to the surviving spouse that his/her current lifestyle can be maintained. It can also be used for essential and non-essential expenses, and to help pay for additional coverage needs, such as life or long-term-care insurance. A Single Premium Immediate Annuity from Farm Bureau can provide a guaranteed1 source of retirement income to help you enjoy your desired lifestyle. Find an agent now. 1 The guarantees expressed on this Web page are based on the claims-paying ability of Farm Bureau Life Insurance Company.
Find an Agent IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Not all products are available in all states. Exclusions, limitations and reductions may apply. This Web site briefly highlights Farm Bureau's insurance policies and their benefits. The contract is contained only in the policy. Farm Bureau products are offered by Farm Bureau agents -- for more information about any Farm Bureau product, please contact your local agent or nearest office using the Agent Locator.
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