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Fixed immediate annuities

Income for today — and tomorrow


IncomeToday! is a single payment immediate annuity (SPIA) that can provide a guaranteed fixed income stream that can’t be outlived. IncomeToday! offers flexibility through a feature called the Advance Withdrawal Benefit, which allows clients to take a one-time advance on a portion of their future income when a Period Certain income option is selected.

Maximum issue age 90 for either owner and/or annuitant
Purchase payment Minimum: $25,000
Subsequent: N/A
Maximum: $2 million without prior approval
Annuity income options Single life options:
  • Life only
  • Life with period certain (5-30 years)
  • Life with cash refund
  • Life with installment refund
Joint life options – (100%, 66.67%, 50% to survivor)
  • Joint life only
  • Joint life with period certain (5-30 years)
Period certain (5-30 years, based on availability)
Income frequency Monthly, quarterly, semi-annual, annual
Advance Withdrawal Benefit Available with all period certain options, it provides one-time access to a portion of future income

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Products are issued by Minnesota Life Insurance Company. In New York, products are issued by Securian Life Insurance Company. Some products and optional features may not be available in all states and features may vary by state. Not all products, features and optional benefits are available from all selling firms or broker dealers.

Income payments and withdrawals from immediate annuities are generally taxable as ordinary income in the year in which taken. When purchased as part of an IRA or other qualified plan, the IRA or qualified plan already provides tax deferral of earnings and the annuity contract does not provide any additional tax deferred treatment of earnings. Withdrawals taken from a qualified plan prior to age 59 1/2 may incur a 10% federal tax penalty.

Keep in mind that the Annuity Income Option, Frequency and Payment Dates cannot be changed once elected. Availability of some Period Certain durations may be limited.

Not a deposit - Not FDIC/NCUA insured - Not insured by any federal government agency - Not guaranteed by any bank of credit union - May go down in value.

This information should not be considered as tax or legal advice. Clients should consult their tax or legal advisor regarding their own tax or legal situation.

Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.

For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.

DOFU 3-2021