Quickly convert your principal payment into a steady source of monthly income that will continue for the rest of your life — or for a certain number of years — guaranteed.
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A Single Premium Immediate Annuity
You worked, you played, and you raised a family. Saving money was hard work, but you did it. Now is the time to make sure all of your hard work pays you back. A Single Premium Immediate Annuity from State Farm Life Insurance Company and State Farm Life and Accident Assurance company (Residents of NY and WI only) guarantees a monthly income for the rest of your life. For over eighty years we've helped our customers protect their financial futures. Take the guesswork out of retirement income and let us do the hard work for you.
- "Single premium" means you fund the annuity with a lump sum payment
- "Immediate" means you start receiving income one month after policy issue
Did you know?
Many customers who have purchased a Single Premium Whole Life policy or another Limited Pay policy from State Farm® have also expressed interest in this type of annuity.
You might also be interested in this annuity if you want to convert a tax-qualified retirement account, a matured CD, or an inheritance into an immediate stream of guaranteed income.
Why Buy a Single Premium Immediate Annuity:
- You receive a guaranteed monthly stream of income, or you can choose quarterly, semi-annual, or annual payments.
- You pay no fees beyond the initial one-time policy fee.
- You can choose the income payment option that best suits your needs.
- Minimum single premium: $25,000
- Maximum single premium: $1,000,000
Higher premiums may be allowed with State Farm approval. Contact your State Farm agent for more information.
Acceleration of Payments
For Guaranteed Income immediate annuities with a period certain, an Acceleration of Payments Provision is available. This provision allows remaining certain period income payments to be accelerated after the first policy year. If the unexpected happens (home repair, medical bills, or family emergency), it's nice to know you have options. Minimums apply, and partial accelerations are limited to one per policy year and must be at least $5,000. Annuity income payments will be reduced. Acceleration of Payments is not available in NJ, OR, PA, TX, and WA. Contact your local State Farm agent for specific details and restrictions.
This is a general description of coverage. A complete statement of coverage is found only in the policy.
Contact your State Farm agent for details on coverage, costs, and restrictions.
Neither State Farm® nor its agents provide tax or legal advice.
Please consult your tax, legal, or investment advisor regarding your specific circumstances.
Guarantees are based on the claims-paying ability of the issuing State Farm life insurance company.
Withdrawals made prior to age 59½ are subject to a 10% federal income tax penalty.
In a tax-qualified retirement plan, federal-income-tax deferral is provided by the tax-qualified retirement plan. No additional tax deferral is provided by an annuity. You should contact your attorney or tax advisor for more complete information.
Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state.
Not FDIC Insured
- No Bank Guarantee
- May Lose Value
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Each insurer is responsible for its own products.