Texas Single Premium Immediate Annuities Checklist
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How to fill out Texas Single Premium Immediate Annuities Checklist?
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FAQ
There are no beneficiaries. It's just who the income is going to. In the annuity world, they call that the Annuitant. Life only is going to provide the highest contractual guarantee for you.
The single life annuity does not provide a death benefit; payments stop when the annuitant dies. If death occurs just a few months after the payments begin, no further payments will be made.
A SPIA is a financial contract between you and an insurance company. You agree to pay the insurance company a lump sum of money up-front (the single premium), and the insurance company agrees to pay you an immediate stream of income (an annuity) while investing your money.
A SPIA is a contract between you and an insurance company designed for income purposes only. Unlike a deferred annuity, an immediate annuity skips the accumulation phase and begins paying out income either immediately or within a year after you have purchased it with a single, lump-sum payment.
The Benefits Of Single Premium Deferred Annuities (SPDA) Death benefit protection: Most SPDA contracts include a death benefit, which pays out a lump sum to the policyholder's beneficiary in the event of the policyholder's death before the start of income payments.
WHAT LICENSE IS REQUIRED TO SELL VARIABLE CONTRACTS? You must hold the Insurance Producer license with the Variable Life and Variable Annuity Products LOA.
Such advisors may only need a Series 6 license if they just sell insurance, annuities, and certain types of mutual funds, not individual stocks. Series 6 holders, however, are not authorized to sell stocks, exchange-traded funds (ETFs), or bonds.
Not to be confused with a single-life payout from a lifetime income rider, a single-life annuity does not provide a death benefit to beneficiaries. An owner of a single-life annuity receives higher income payments while alive in exchange for not providing a death benefit to their heirs.
Agents and companies must have a Texas insurance license to legally sell annuities in the state.
