Immediate Annuities

Annuities Guarantee Money When You Need It

An immediate annuity is purchased with an up-front premium that turns it into a guaranteed stream of income. This product allows you to receive your money in a flexible manner, with the ability to choose monthly or annual payments.

Product Details

Why choose an immediate annuity?

There are many benefits to purchasing an immediate annuity. This product helps you
  • Plan for retirement so you can avoid running out of money in later life
  • Prepare for future payments of life insurance or other fixed costs
  • Receive payments spread out over time to avoid lump-sum disbursements

How can I contribute?

An immediate annuity is funded by a single payment at the initial time of purchase.

When will I receive my money?

You can determine the frequency of your monetary disbursements, depending on which type of plan you choose. There is no accumulation period for this product. You can begin receiving your payments one period after the annuity is purchased; if you choose monthly payments, you can receive money starting in 30 days, and if you choose annual payments, you can begin getting your money in one year. If you’d like to begin receiving payments immediately, you can choose the immediate due option.

Payments for Life
This option ensures income for your entire lifetime, regardless of how long you live.

Payments for Life with a Guaranteed Number of Payments
This option will make payments to you for your lifetime. It also allows you to select a guaranteed number of payments that your beneficiary(s) will receive if you pass before all of the payments have been made.

Payments for a Fixed Period
This option lets you select the number of payments you want to receive in exchange for your premium. If you pass before all payments have been made, the remaining payments will be made to your beneficiary(s). However, all of ELCO’s income immediate annuities have a life contingency built into the contract.

Who qualifies for an immediate annuity?

Consider purchasing this annuity if you’re looking to receive lifelong payments that can begin right away. The maximum issue age for this product varies.