Virginia Immediate Annuities for all residents living in Virginia
Virginia Annuity Resource is part of Maryland Annuity Resource and offers Immediate Annuities or SPIA’s for all residents living in Virginia. We believe that Immediate Annuities are the foundation to bridging the gap between ages 59 and the retirement age of 70 currently. No matter where you live in Virginia, we will come to you to help you with your Immediate Annuity. Immediate Annuities create immediate income and there are many benefits to Immediate Annuities and we will be telling you about those below.
These are a many advantages that immediate annuities can provide to the buyer. Here is a list of just a few:
Immediate annuities can turn your assets into regular payments beginning now and lasting for the rest of your life or for a specified period of time. At retirement, you can use distributions from defined contribution plans, 401(k)s or IRAs to fund an immediate annuity to create a personal pension.
Immediate annuities are single-payment annuities. Any large sum of cash from an inheritance, legal settlement, sale of a business or home can be converted into an income stream for the duration you specify. Immediate Annuities are not intended to offer liquidity or growth potential. Once purchased, immediate annuities have no cash value, no payments other than the scheduled payments guaranteed under the contract are available.
Period Certain only: Income for a fixed number of years (5-20) with payments continuing to a named beneficiary should a death occur prior to the end of the period certain. Cannot pay out past the age of 100 for the owner or annuitant.
Life Only: Payments will be made only during your lifetime. After your death, no further payments will be made. No payments will be made to an estate or any other person.
Life and Period Certain: Income payable for your lifetime with a guaranteed payment period ranging from 5 to 20 years. If you die before the end of the period certain, payments continue to be made to a beneficiary until the end of the period certain. Cannot be paid out past age of 100.
Installment Refund: Payments are made during your lifetime. After your death, your beneficiaries continue to receive payments until all payments are equal to the single premium originally paid.
Cash Refund: Payments are made during your lifetime. After your death, your beneficiaries receive a lump sum payment equal to your single premium originally paid, less any payments received.
Joint Life with Survivorship: Payments are made for your lifetime and the lifetime of your spouse. After your death or the death of your spouse, payments continue to the surviving spouse for his/her lifetime.
Joint Life with Survivorship and Period Certain: Income payable for your lifetime and the lifetime of your spouse, with a guaranteed payment period ranging from 5 to 20 years. After your death or the death of your spouse, payments continue to the surviving spouse for his/her lifetime. If both you and your spouse die before the end of the period certain, payments continue to a named beneficiary until the end of the period certain. Payments cannot be set up to pay out past the age of 100.