The Palladium® Single Premium Immediate Annuity (SPIA) allows your client to convert a lump sum payment today into guaranteed income that will last as long as they choose, whether for a specified period or for life. The Palladium® SPIA offers a Cost of Living Adjustment (COLA) option that can be added to most income payout options. The COLA is available in two forms: Simple COLA allows you to choose an interest adjustment of 1-5% and the income would be adjusted by that specific percentage each year. Compound COLA allows you to choose an interest adjustment of 1-5% and the income would be adjusted by that percentage, compounded annually, each year. The Palladium® SPIA offers a liquidity feature that allows your client to request a partial withdrawal or a full surrender after three full contract years.
Cost of Living Adjusments (COLA) available in most states. Check for availability.