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Single Premium Deferred Annuity

If you need the place to put funds from a large inheritance, proceeds from selling your home, or a large sum of cash that you’d like to save for retirement, our Single Premium Deferred Annuity may be the right plan for you.

The Single Premium Deferred Annuity is purchased with a single lump-sum premium, and payouts do not begin until a designated time in the future. Because you are deferring annuity payouts to a later date, you are also deferring tax payments on any interest your annuity earns. Interest will not be taxed until the time it is withdrawn.


Our Single Premium Deferred Annuity offers:

  • One, easy deposit: A one-time, lump-sum deposit grows over time and can be turned into a stream of income in the future that can last for a set period of time or for the rest of your life.
  • Guaranteed interest rate: Lock in the rate for 2, 3, or 5 years at the time of issue. After the initial term, your interest rate can fluctuate but it will never go below the guaranteed minimum interest rate of 1%.
  • Penalty-free withdrawals: Up to 12% in penalty-free withdrawals* by using either systematic withdrawals (withdraw interest or a specified amount monthly, quarterly, semiannually, or annually) OR one withdrawal per year ($250 minimum).
  • Multiple payout options: You choose how you receive your payments and for how long.

*Withdrawals are subject to income tax, and most withdrawals made prior to age 59 1/2 are subject to a 10 percent IRS penalty. Guarantees are backed by the financial strength and claims-paying ability of BetterLife. 

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