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Single Premium Immediate Annuities

Enjoy guaranteed income for the rest of your life, starting today.

What is a single premium immediate annuity?

If you're looking for an "immediate" ongoing source of income that you can't outlive, a single premium immediate annuity could be right for you. A single premium immediate annuity (SPIA) allows you to use a lump sum of your assets to purchase a guaranteed1 "retirement paycheck". The SPIA provides guaranteed income (your "retirement paycheck") that will continue for the rest of your life, and—if you choose a joint life option—for the rest of your spouse’s life, no matter how long both of you live. This "retirement paycheck" is designed to help cover your essential living expenses, as defined by you, in retirement.

All guarantees are backed by the claims-paying ability and financial strength of the issuing insurance company, not Schwab.


Questions about single premium immediate annuities? Contact an annuity specialist at 877-279-4537.

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Compare single premium immediate annuities offered through Schwab

Compare single premium immediate annuities offered through Schwab
  • Issuer / Financial Strength—Standard & Poor's2
  • Issue Ages
  • Minimum Purchase at Schwab
  • Maximum Purchase
  • MassMutual RetireEase3
  • Issuer / Financial Strength—Standard & Poor's2
    Massachusetts Mutual Life Insurance Company
    • AA+
  • Issue Ages
    • Lifetime payment options: 18–90
    • Period Certain–Only payment options: 18–100
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $3,000,000
  • Nationwide INCOME Promise Select Annuity
  • Issuer / Financial Strength—Standard & Poor's2
    Nationwide Life Insurance Company
    • A+
  • Issue Ages
    • Annuitant/Joint annuitant: 5–95 (30–95 if Cost-of-Living Adjustment is selected). Certain restrictions may apply to income options available.
    • Owner: No age limit
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $3,000,000
  • New York Life Guaranteed Lifetime Income Annuity II4
  • Issuer / Financial Strength—Standard & Poor's2
    New York Life Insurance and Annuity Corporation
    • AA+
  • Issue Ages
    • Non-qualified: 0–95
    • Qualified: 18–89 (Joint annuitants 0–89) Inherited IRA and inherited Roth IRA policies are also available.
    • Roth IRA: 59½–89 Owner/annuitant(s) with a Roth IRA in place for at least five calendar years before the year in which income payments start. Joint annuitants must be spouses. Joint annuitants must satisfy both the five-year holding period and age 59½ income start date requirements.
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $1,000,000
  • New York Life Guaranteed Period Income Annuity II4
  • Issuer / Financial Strength—Standard & Poor's2
    New York Life Insurance and Annuity Corporation
    • AA+
  • Issue Ages
    • Non-qualified: Available to policy owners and annuitants ages 0–95
    • Qualified: Available to policy owners (primary annuitants) ages 18–89
    • Roth IRA: Available to policy owners ages 59½–89 with a Roth IRA of any amount in place for at least five calendar years before the year in which income payments start. Some options may not be available at certain ages.
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $1,000,000
  • Pacific Life Pacific Income Provider5
  • Issuer / Financial Strength—Standard & Poor's2
    Pacific Life Insurance Company and, in New York, issued by Pacific Life & Annuity Company
    • AA-
  • Issue Ages
    • 0–90
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $1,000,000
  • Protective ProPayer® Income Annuity29
  • Issuer / Financial Strength—Standard & Poor's2
    Protective Life Insurance and, in New York, Protective Life & Annuity Insurance Company
    • AA-
  • Issue Ages
    • 0-99 (0-85 for life w/cash refund annuity income payments. 0-99 certain period, life with certain period or life with installment refund annuity income payment options)
  • Minimum Purchase at Schwab
    $100,000
  • Maximum Purchase
    $1,000,000
  • USAA Protected Retirement Income Annuity28  
  • Issuer / Financial Strength—Standard & Poor's2
    USAA Life Insurance Company and, in New York, issued by USAA Life Insurance Company of New York
    • AA+
  • Issue Ages
    • 11-95 
  • Minimum Purchase at Schwab
    $100,000 
  • Maximum Purchase
    $2,000,000
  • Western & Southern IncomeSource® Single Premium Immediate Annuity31
  • Issuer / Financial Strength—Standard & Poor's2
    Integrity Life Insurance Company and in New York, National Integrity Life Insurance Company 
    • AA- 
  • Issue Ages
    • 18-95 for period certain payouts. All other payout options 18-85 
  • Minimum Purchase at Schwab
    $100,000 
  • Maximum Purchase
    $2,000,000 

See more single premium immediate annuity comparisons.

Payout options
MassMutual RetireEase  
Life Only Single life or joint life. Payments last for as long as a person (annuitant) lives or as long as either of two people (annuitant or joint annuitant) is alive. Payments stop at the annuitant's death. The income payments go to the surviving annuitant upon the first death. All payments end upon the death of both annuitants.
Life with Period Certain Single life or joint life. Payments will be made for a guaranteed period of time, 5–50 years,6 or for as long as either annuitant lives, whichever is longer. If both annuitants die prior to the end of the guaranteed period, the beneficiary will receive the remaining payments.
Period Certain Only Single or joint. Payments will be made for a guaranteed period of time, 5–50 years.6 If both annuitants die prior to the end of the guaranteed period, the beneficiary will receive the remaining payments until the end of the period certain.
Life with Cash Refund Single life or joint life. Payments will be made for as long as either annuitant lives. If the annuitant(s) die before the total amount of income payments received equals the single premium amount paid on the contract, the difference will be paid in a lump sum to the beneficiary.
Life with Installment Refund Single life or joint life. Payments will be made for as long as one of two annuitants is alive. If both annuitants die before the total amount of income payments received equals the single premium amount paid, the difference will continue to be paid as scheduled income payments to the beneficiary.
Nationwide INCOME Promise Select Annuity  
Life Only Single life or joint life. This option provides income payments for the lifetimes of one or two people. For single life, payments stop at the annuitant's death. For joint life, after the death of one person, the survivor will continue to receive income payments for as long as he or she lives.
Life with Term Certain Single life or joint life. This option provides guaranteed income for a period of time, 5–30 years, or for life, whichever is longer. If the annuitant (or both annuitants for a joint life policy) were to live beyond that period, payments would continue for the lifetime(s) of the annuitant(s). If the annuitant(s) die before the end of the term-certain period, the beneficiaries can choose to receive the remaining term payments (or a lump-sum payment that is equivalent to the present value of the remaining payments). If the annuitant(s) die after the term-certain period has ended, income payments stop with the death of the annuitant(s).
Term Certain Only Single or joint. This option provides guaranteed income for a period of time, 7–30 years. If the annuitant(s) die before the end of the term-certain period, the beneficiaries can choose to receive the remaining term payments or the present value of those payments in a lump sum.
Life with Cash Refund Single life or joint life. This option provides income for the annuitant(s) until the total payments equal the original premium (minus any premium taxes) or for life, whichever is longer. If annuitant(s) die before the annuity payments equal the original premium, the beneficiaries will receive a lump-sum payment equal to the amount of the original premium that remains in the contract.
New York Life Guaranteed Lifetime Income Annuity II  
Life Only Generally provides maximum lifetime income for one person (or two people for a Joint Life Only policy). Payments stop at the annuitant's death. For the Joint Life Only option, if one annuitant dies, the payments continue to the survivor for the rest of his or her life. Payments stop at the death of both annuitants.
Life with Period Certain  Pays income for one lifetime (or two for a joint life policy) or a guaranteed period of time (5 to 30 years), whichever is longer. If the annuitant (or both annuitants for a joint life policy) were to live beyond that period, payments would continue for the lifetime(s) of the annuitant(s). If one (or both) were to die prior to the end of the guaranteed period, payments would continue to the beneficiaries for the remainder of the guaranteed period.7,8
Life with Cash Refund Pays income for one lifetime (and the lifetime of one other person if a joint life policy). Additionally, this option guarantees that if the annuitant(s) die, the beneficiaries will receive a lump sum equaling the premium amount less all payments made to the annuitant(s).9 For Joint Life policies, this option is available only if the survivor's income is 100% of the income benefit while both annuitants are alive.
Life with Installment Refund Pays income for one lifetime (and the lifetime of one other person if a joint life policy). Additionally, this option guarantees that if the annuitants die, the beneficiaries will continue to receive the annuity payments until the premium is fully recovered. The Installment Refund provision entitles the beneficiaries to receive the total of the premium less all payments made on a scheduled installment basis.7,9
Life with Percent of Premium Death Benefit10 Offers income for one lifetime (and the lifetime of one other person if a joint life policy). It also guarantees that when the annuitant dies (or both annuitants for a joint life policy), the beneficiaries will receive a death benefit totaling 25% or 50% of the original premium (chosen at policy issue). This alternative pays a lower income for the same premium than one that does not provide a guaranteed death benefit, but it ensures a legacy for the policy owner's heirs.
New York Life Guaranteed Period Income Annuity II  
Period Certain with Cash Refund (Commuted Value)11 Pays income for a guaranteed period of time (5 to 30 years). Upon the annuitant's death prior to the end of the guaranteed period, payments will continue to the beneficiaries for the remainder of the guaranteed period, or the beneficiaries will receive a lump sum.
Pacific Life Pacific Income Provider  
Life Only Single life or joint life. Lifetime income for one person (or two people). Single life payments stop at the annuitant's death. For joint life, if one annuitant dies, the payments continue to the survivor for the rest of his or her life. Payments stop at the death of both annuitants.
Life with Period Certain Single life or joint life. Pays income for one lifetime (or two for joint life) or a guaranteed period of time (5–30 years),12 whichever is longer. If the annuitant (or both annuitants for joint life) were to live beyond that period, payments would continue for the lifetime(s) of the annuitant(s). If one (or both) were to die prior to the end of the guaranteed period, payments would continue to the beneficiaries for the remainder of the guaranteed period.
Period Certain Only Single or joint. Payments will be made for a guaranteed period of time, 5–30 years.12 If both annuitants die prior to the end of the guaranteed period, the beneficiary will receive the remaining payments until the end of the period certain.
Life with Cash Refund Single life or joint life. Pays income for one lifetime (and the lifetime of one other person if joint life). Additionally, this option guarantees that if the annuitant(s) die, the beneficiaries will receive a lump sum equaling the premium amount less all payments made to the annuitant(s).
Life with Installment Refund Single life or joint life. Pays income for one lifetime (and the lifetime of one other person if joint life). Additionally, this option guarantees that if the annuitant(s) die, the beneficiaries will receive any remaining premium amount in installments.
Protective ProPayer® Income Annuity  
Life Only Single life or joint life. Lifetime income for one person (or two people). Single life payments stop at the annuitant's death. For joint life, if one annuitant dies, the payments continue to the survivor for the rest of his or her life. Payments stop at the death of both annuitants.
Life with Period Certain Single life or joint life. Pays income for one lifetime (or two for joint life) or a guaranteed period of time (5–30 years)12, whichever is longer. If the annuitant (or both annuitants for joint life) were to live beyond that period, payments would continue for the lifetime(s) of the annuitant(s). If one (or both) were to die prior to the end of the guaranteed period, payments would continue to the beneficiaries for the remainder of the guaranteed period.
Certain Period Only Single or joint. Payments will be made for a guaranteed period of time, 10–30 years12. If both annuitants die prior to the end of the guaranteed period, the beneficiary will receive the remaining payments until the end of the period certain.
Life with Cash Refund Single or joint life. Pays income for one lifetime (and the lifetime of one other person if joint life). Additionally, this option guarantees that if the annuitant(s) die, the beneficiaries will receive a lump sum equaling the premium amount less all payments made to the annuitant(s).
Life with Installment Refund Single or joint life. Pays income for one lifetime (and the lifetime of one other person if joint life). Additionally, this option guarantees that if the annuitant(s) die, the beneficiaries will.
USAA Protected Retirement Income Annuity  
Life Only   Single life or joint life. Provides income payments for the lifetimes of one or two people. For single life, payments stop at the annuitant's death. For joint life, after the death of one person, the survivor will continue to receive income payments for as long as he or she lives.
Certain Period Only Single or joint. Payments will be made for a guaranteed period of time, 10–30 years12. If both annuitants die prior to the end of the guaranteed period, the beneficiary will receive the remaining payments until the end of the period certain.
Life Only with Installment Refund  Single life or joint life. Provides income for as long as one of two annuitants is alive. If both annuitants die before the total amount of income payments received equals the single premium amount paid, the difference will continue to be paid as scheduled income payments to the beneficiary.
Life Only with Cash Refund Single life or joint life. Provides income for the annuitant(s) until the total payments equal the original premium or for life, whichever is longer. If the annuitant(s) die before the annuity payments equal the original premium, the beneficiaries will receive a lump-sum payment equal to the amount of the original premium that remains in the contract.
Western & Southern IncomeSource Single Premium Immediate Annuity  
Life Only   Single or joint life. Lifetime income for as long as one of two annuitants (often spouses) is alive. Payouts to the survivor can remain level or be reduced. 
Life with Period Certain Single or joint life. Lifetime income with a guarantee that payouts will continue for at least a specified period. This ensures that, in the event of death, payouts will continue to a beneficiary until the end of the specified period.
Period Certain Only A non-lifetime option where payouts will continue for a period of time (from 5 to 30 years) specified by the owner. Payouts continue until the end of the specified period, regardless of whether the annuitant is alive.
Life with Cash Refund Single or joint life. Lifetime income with a money-back guarantee that at least the single premium will be returned, regardless of whether the annuitant is alive. If payouts before death are less than the premium paid, the beneficiary receives the difference in a lump-sum refund.
Life with Installment Refund Single or joint life. Another lifetime income option with a money-back guarantee that at least the single premium will be returned, regardless of whether the annuitant is alive. If payouts before death are less than the premium paid, the beneficiary receives the payouts on the same installment schedule until the full premium is refunded.
Temporary Life Single life. Income will continue for a period of time (from 5 to 30 years) specified by the owner, only while the annuitant is alive.
Joint income continuation options
MassMutual RetireEase
  • 100%
  • 75% 
  • 66⅔%
  • 50%
Nationwide INCOME Promise Select Annuity
  • Joint and (20% to 100%) Survivor
  • Joint and (100%) Survivor with Cash Refund
  • Joint and (20% to 100%) Survivor with 5- to 30-year Term Certain
  • Joint and (20% to 100%) Last Survivor
  • Joint and (100%) Last Survivor with Cash Refund
  • Joint and (20% to 100%) Last Survivor with 5- to 30-year Term Certain
New York Life Guaranteed Lifetime Income Annuity II
  • 100%
  • 40%–99% with Reduction of Income for Joint Life Policies, and income reduction percentage must be chosen at the time of purchase.
New York Life Guaranteed Period Income Annuity II
  • Not available
Pacific Life Pacific Income Provider
  • 100%
  • 75%
  • 67%
  • 50%
Protective ProPayer® Income Annuity
  •  Up to 100%
USAA Protected Retirement Income Annuity
  • 100%
  • 75%
  • 66⅔%
  • 50%
Western & Southern IncomeSource Single Premium Immediate Annuity
  • 100%
  • 25%-95%
Additional features
MassMutual RetireEase  
MassMutual Inflation Protector Choose to increase your annuity payments by 1% to 4% each year. Must be selected at the time of purchase and cannot be canceled or changed.
Access Cash Withdrawals With a period certain–only payment option, you can get one full or partial withdrawal every year after the first contract year.16
Adjust Period Certain If you choose a period certain–only income payment method, you can decrease or increase the period of time you will receive income payments.
Nationwide INCOME Promise Select Annuity  
Cost-of-Living Adjustment (COLA) Choose to increase your annuity payments by 1% to 5% compounding each year.
Liquidity Feature Allows contract owners to withdraw up to 100% of the liquidity value of their remaining guaranteed payments at any time during the liquidity period.16
New York Life Guaranteed Lifetime Income Annuity II  
Payment Acceleration17  For non-qualified policies with monthly payments, this enables policy owners, after age 59½, to receive the next scheduled monthly payment, along with five subsequent payments—for a total of six months of income payments paid all at once. May be used two times during the life of the policy.
Up to 100% Cash Withdrawal18, 19, 20 For guaranteed periods only, allows the policy owner, after age 59½, to withdraw up to 100% of the discounted value of the remaining guaranteed payments at any time within the guaranteed payment period. May be used once during the life of the policy. Cannot be used at the same time as the 30% cash withdrawal feature. Available only on non-qualified policies with Life with Cash Refund, Life with Installment Refund, or Life with Period Certain payment options.
30% Cash Withdrawal19, 21 Based on life expectancy, allows the annuitant, after age 59½, to withdraw 30% of the discounted value of the remaining payments expected to be paid, based on the annuitant's life expectancy when the policy was purchased. May be used on the 5th, 10th, or 15th anniversary of the first income payment or upon proof of a significant nonmedical financial loss,22 as specified by the policy. Cannot be used at the same time as the 100% cash withdrawal feature. May be used once during the life of the policy. Available on non-qualified policies with Life Only or Life with Percent of Premium Death benefit payment options; on qualified policies with Life Only, Life with Cash Refund, Life with Installment Refund, or Life with 5- to 30-year payment options; and on Roth IRA Life Only policies.
Annual Increase Option Choose to increase your annuity payments by 1% to 10% each year. Must be selected at the time of purchase. May be used on the 5th, 10th, or 15th anniversary of the first income payment or upon proof of a significant nonmedical financial loss,22 as specified by the policy. Cannot be used at the same time as the 100% cash withdrawal feature. May be used once during the life of the policy. Available on non-qualified policies with Life Only or Life with Percent of Premium Death benefit payment options; on qualified policies with Life Only, Life with Cash Refund, Life with Installment Refund, or Life with 5- to 30-year payment options; and on Roth IRA Life Only policies.
Changing Needs Option Allows a one-time increase of 1% to 400% (up to four times the original income payment) or a one-time decrease of 1% to 50% (down to half the original income payment). Must be selected at the time of purchase, and percentage of Changing Needs must also be determined at the time of purchase.
Income Enhancement Option Provides policy owner with an opportunity to increase income benefits if interest rates rise, even though the annuity was purchased in a lower interest rate environment. This option works in conjunction with a benchmark interest rate index to provide a potential one-time increase in income payments going forward after the policy's fifth anniversary. If the benchmark index is at least two percentage points higher on the policy's fifth anniversary, annuity income will increase automatically to reflect the higher interest rate.23 The increase amount is fixed when the policy is issued, so you will know exactly when and by how much the payments may potentially increase.24 Must be selected at the time of purchase.
Roth IRA Your payments and death benefit amount are tax-free.
New York Life Guaranteed Period Income Annuity II  
Payment Acceleration25 For non-qualified policies with monthly payments, this enables the policy owner, after age 59½, to receive the next scheduled monthly payment, along with two subsequent payments—for a total of three months of income payments paid all at once. Must be selected at the time of purchase and may be used once during the life of the policy.
Up to 100% Cash Withdrawal26, 27 Allows the policy owners, after age 59½, to withdraw up to 100% of the discounted value of the remaining guaranteed payments at any time within the guaranteed payment period. May be used once during the life of the policy. Available only on non-qualified and qualified policies.
Annual Increase Option Choose to increase your annuity payments by 1% to 10% each year. Must be selected at the time of purchase.
Pacific Life Pacific Income Provider  
Future Adjustment Option Allows a one-time increase up to three times the original income payment or a one-time decrease of up to half the original income payment. Must be selected at the time of purchase.
Inflation Protection Option Choose to increase your annuity payments by 2% to 4% each year. Must be selected at the time of purchase.
Withdrawals of Guaranteed Income Payments For non-qualified contracts, you can take a lump sum up to 100% of the present value of remaining guaranteed payments. Available with all options except Life Only, Joint Life Only, or Joint and Survivor Life Only.
Income Payment Acceleration For policies with monthly payments, after age 59½, request an amount equal to three or six times your normal monthly payment. After a request for a three-month payment, normal payments resume in the fourth month; after a six-month payment, normal payments resume in the seventh month. May be used two times during the life of the policy, and available after the first contract year.
Return of Premium Your beneficiaries receive the initial premium less any annuity payments already received if an owner or annuitant dies or is diagnosed with a terminal illness before first payment date. Must be selected at the time of purchase.
Protective ProPayer® Income Annuity  
PAYPlus Option Provides annual annuity income payment increases that compound on the anniversary of the first annuity income payment. Annual increases of up to 10% of the prior year’s annuity income payment are available. Must be selected at the time of purchase and may not be selected if the Commutable Value Option is selected.
Commutable Value Option Available with certain period only contracts (not applicable to any Life option), this option allows for the full surrender of the annuity in order to receive a percentage of the adjusted investment. If exercised, income payments stop30. Must be selected at the time of purchase and may not be selected if the PAYPlus Option is selected. Not available in all states.
USAA Protected Retirement Income Annuity   
Financial Emergency Liquidation Rider  Automatically included, based on state approval. Allows for the withdrawal of up to 30% of the present value of the remaining expected income, reducing the future income by the percentage withdrawn. One-time option available upon the owner's age of 59½ if the contract has been issued for at least three years. Financial emergencies include: funeral expenses for direct family members; payments to avoid foreclosure or eviction from your primary residence; large unpaid bills, including medical bills that are not covered by insurance, Medicare or Medicaid.
Annual Increase  Allows the contract owner to choose an annual increase to their income payments of either 1%, 2% or 3%. Must be selected at the time of application
Western & Southern IncomeSource Single Premium Immediate Annuity  
Guaranteed Increasing Payout Option Provides an annually compounded increase in the income payout amount. Increase options are 1%, 2%, 3%, 4% or 5%. Selected at the time of purchase.32
Commutation Benefit Optional benefit provides cash access to the present value of future certain payouts in specific instances. Living annuitant commutation of 10%–90% of the present value (available after first contract year) allows owner to cash out a percentage of all remaining payouts. Deceased annuitant commutation (death benefit commutation) allows beneficiary to cash out the remaining certain payouts upon the death of the annuitant (single life) or the last-to-die joint annuitant (joint and survivor).33

What other factors should I be aware of when considering a single premium immediate annuity?

A single premium immediate annuity will generally cost more if you choose the optional features or optional death benefits. Additionally, the purchase of a single premium annuity is irrevocable. That is, you generally cannot surrender this type of annuity in exchange for a contract value.

Payments from single premium immediate annuities are subject to ordinary income tax, but for non-qualified policies that benefit from an exclusion ratio, a portion of your payments may not be subject to further taxation.

Questions? We're ready to help.