Single Premium Immediate Income
A fixed single premium immediate income contract is designed to pay guaranteed periodic income payments over a fixed period of time. Initial payments start within 13 months of the contract purchase date.
Presidential s single premium immediate income contract offers a great deal of flexibility in fixed-period income planning. The contract may be purchased with funds from an IRA, tax-sheltered annuity, 401(k), pension or profit sharing plan, or from some non-qualified source of funds such as a bank account or the proceeds from a mutual fund that has been cashed out.
Fixed income periods can be as short as 24 months, or as long as 5, 10, 15, 20 or more years. Payments can be made monthly, quarterly, semi-annually or annually, either to the annuitant under the contract or to anyone else the owner of the contract may designate as payee. Payments under an immediate income contract may be level for the period specified in the contract, or they may include an annual cost-of-living adjustment of from 1% to 6%. Contracts are neither revocable nor commutable back to a lump sum.
* Product features may vary.
Currently available in the following states
* AK , AL , AR , AZ , CA , CO , CT , DC , DE , FL , GA , HI , IA , ID , IL , IN , KS , KY , LA , MA , MD , ME , MI , MN , MO , MS , MT , NC , ND , NE , NJ , NM , NV , NY , OH , OK , OR , PA , RI , SC , SD , TN , TX , UT , VA , VT , WA , WI , WV , WY