The Standard Stable Income Annuity Review
An Income Guaranteed
The Stable Income Annuity from The Standard is an immediate annuity designed precisely to insure against outliving an income. It provides regular, guaranteed income payments for life (or a chosen period). This annuity is an excellent way to maintain an income stream matched to personal financial needs.
Eligibility
A Stable Income Annuity may be established for an owner and annuitant age 90 or younger. The minimum premium amount is $15,000 and the maximum is $1,000,000. Greater amounts may be considered, but must receive home-office approval prior to application.
Tax-Qualification Options
This annuity may be established as an Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Simplified Employee Pension to initiate or continue a qualified retirement savings account.
Lump-sum deposits and complete or partial exchanges of non-qualified funds may also be accepted into this annuity.
Tax Consequences
The payments generated from the purchase of this annuity will generally be taxable in the year in which they are received. The good news is that often people move to a lower tax bracket during this time of their lives and will likely pay less in taxes than they would have just a few years earlier. The amount of the payment that is deemed taxable will be based on the tax status of the funds under IRS guidelines.
Time To Reflect On The Purchase
From the date the annuity contract is delivered, an owner has 30 days to consider the purchase. If the transaction is terminated during those 30 days, Standard Insurance Company will return all premium, net of any withdrawals taken.
Are You Prepared?
According to a study by the Centers for Disease Control and Prevention, the life expectancy of someone who retires at age 65 averages more than 18 years.
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To fully enjoy all those years of quality retirement, many are finding that they’re in need of a financial option that can:
Supplement income from Social Security, a pension plan or investments; Provide financial stability in the event of a long-term illness or nursing home stay; and Ensure against outliving savings.
Income Options
Life Income Immediate Annuity
A guaranteed income for as long as the annuitant lives. Payments will cease upon the death of the annuitant.
Life Income With Installment Refund Immediate Annuity
A guaranteed income for as long as the annuitant lives. The total payments will never be less than the total of the funds paid to purchase this option. If the annuitant dies before receiving at least that amount, payments continue until the full amount is repaid (or may be commuted to a lump-sum payment).
Life Income With Certain Period Immediate Annuity
A guaranteed income for as long as the annuitant lives. If the annuitant dies prior to the end of the period specified (5, 10, 15 or 20 years), payments continue until the end of the period (or may be commuted to a lump-sum payment).
Joint And Survivor Life Income Immediate Annuity
A guaranteed income for as long as both annuitants live. When either annuitant dies, payments will continue at 50 percent, 66²/³ percent, 75 percent or 100 percent of the payments received when both were living. Payments will cease upon death of both annuitants.
Joint And Survivor Life Income With Installment Refund Immediate Annuity
A guaranteed income for as long as both annuitants live. The total payments will never be less than the total of the funds paid to purchase this option. If both annuitants die before receiving at least that amount, payments continue to the beneficiary until the full amount is repaid (or may be commuted to a lump-sum payment).
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Joint And Survivor Life Income With Certain Period Immediate Annuity
A guaranteed income for as long as both annuitants live. When either annuitant dies, payments will continue at 100 percent of the payments received when both were living. If both annuitants die prior to the end of the period specified (5, 10, 15 or 20 years), payments continue to the beneficiary until the end of the period (or may be commuted to a lump-sum payment).
Joint And Contingent Survivor Life Income Immediate Annuity
A guaranteed income for as long as both annuitants live. If the primary annuitant dies first, payments will continue at 50 percent of the payments received when both were living. If the contingent annuitant dies first, payments will continue at 100 percent of the payments received when both were living. Payments will cease upon death of both annuitants.
Certain Period
A guaranteed income for a time period chosen (5, 10, 15 or 20 years). At any time, benefits may be commuted to a lump-sum payment. If the annuitant dies prior to the end of the period specified, payments continue to the beneficiary until the end of the period (or may be commuted to a lump-sum payment).
SI 14284 (3/13)
