Are you seeking a reliable income stream to replace your regular paycheck once it is gone in retirement? The Voya Single Premium Immediate Annuity helps pay a consistent income stream – that you can’t outlive – if you select a life payout option. You give the insurance company a lump sum of money and they give you a guaranteed income stream for life or longer depending on the payout options you select.
- Immediate stream of income payments in exchange for your single premium payment.
- Amount and frequency of your payouts remain the same until death - guaranteed.1
- Take advantage of favorable tax treatment of annuity payments.
- Protect your survivors by selecting a beneficiary to receive any remaining benefits due.
- 8 Payout Options delivered through your choice of monthly, quarterly, semiannually, or annual payment schedules.
- Enjoy the safety and convenience of Direct Deposit.
- Payments can be sent to third parties.
- Individuals who need supplemental retirement income now to cover their expenses for retirement.
- Retirees who have modest savings but may not have enough guaranteed income sources to support expenses.
- Individuals who are seeking to convert rollovers from other investments into a consistent, reliable income stream in retirement.
- You must be between the ages of 35 and 80.
- This is a single premium immediate annuity.
- Your one premium is limited to a minimum premium of $15,000 and a maximum premium of $2,000,000 without prior home office approval.
- Not available in all states.
Contract is issued by Voya Insurance and Annuity Company (VIAC).
1Guarantees are based on the claims-paying ability of Voya Insurance and Annuity Company (VIAC).
This is a summary only. Read the contract for complete details. The product and its features may not be available in all states and are subject to change. Withdrawals may be subject to Federal/State income tax and, if taken prior to age 59½, an additional 10% Federal penalty tax. All distributions from qualified annuities may be taxable.
State premium taxes may reduce the final value of your annuity.
IRAs and other qualified plans already provide tax-deferral like that provided by an annuity. Additional features and benefits such as contract guarantees, death benefits and the ability to receive a lifetime income are contained within the annuity for a cost. Please be sure the features and costs of the annuity are right for you when considering the purchase of the annuity.
Neither the company nor its agents or representatives can provide tax, legal or accounting advice. Please consult your attorney or tax advisor about your specific circumstances. Immediate annuities have no cash value, cannot be surrendered, and provide only the benefit described in the contract.
Contract Form Series: 1823.