SPIA

Question 1

Payment choices/types

Consumer price index, the payment have the potential to change at what time of year?

Answer 1

January after the first issue

Question 2

Peter Griffin chooses Fixed Percent Increase (FPI) and he wants a 10% increase each year

Answer 2

Too bad, He can only select 1%-5% increase

Question 3

Peter Griffin chose Fixed Percentage Increase and on January 1st he called angry asking why he didn’t get his increase yet

Answer 3

Explain to him that he is confusing CPI with FPI. His increase will occur on the anniversary of his contract

Question 4

SPIAS can be established with money from external sources (your own money, money from an external company) or internal sources if say it’s from a life contract

Answer 4

That’s all, folks

Question 5

How much money can you add to your SPIA after it’s been created?

Answer 5

none

Question 6

What’s the cheapest part of a SPIA?

Answer 6

The Free Look! Get it? It’s a play on words!! lol!

Question 7

If the annuitant dies after the Guaranteed period has ended,

Answer 7

then there is no death benefit to be paid

Question 8

the purpose of a SPIA is…

Answer 8

for providing periodic payments, fixed or specified amount for the life of 1 or 2 individuals