What is a single pay longevity annuity?
It is a deferred income annuity which provides guaranteed1; future income in exchange for a single purchase payment. You simply make one purchase payment and select a future income start date. At the end of this "deferral period," you will begin to receive guaranteed monthly income payments for the rest of your life.
Why consider a single pay longevity annuity?
The main appeal of this type of annuity is that you no longer have to worry about outliving your money because this product serves as a financial backstop. Like a pension plan, the annuity can help provide a predictable guaranteed1 lifetime income stream.