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Immediate Annuities

An Immediate Annuity is purchased with a premium up front paid to an insurance company in exchange for payments made to the purchaser (or designated payee) by the insurance company.  Payments can be made to you in a flexible manner.  You may choose monthly or annual payments.

Immediate Annuities are purchased for many reasons:

  • retirement planning to avoid running out of money in later life
  • preparing for future payments of life insurance or long term care premiums
  • gifts with payments spread out to avoid lump-sum gifts
  • asset positioning to qualify for government benefits
  • personal service contracts

Immediate Annuities can be purchased in many different forms to suit your individual needs:

  • Payments for Life.  This option insures income for you 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 will be paid to you or your beneficiary(s) if you pass before the guaranteed number of payments has 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).
ELCO's Single Premium Immediate Annuities are available in the following states: AL, AR, AZ, CO, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NM, NV, OH, OK, PA, SC, SD, TN, TX, UT, VA, WI, and WY.
Single Premium Immediate Annuity Form# ACR 14, AIFXB17 & SPIA-11