SPIA
Business & Finance abbreviation · Insurance
| Stands for | Single premium immediate annuity |
|---|---|
| Categories | Business & Finance |
SPIA stands for Single premium immediate annuity, an insurance abbreviation.
Annuity bought with a lump sum that begins paying guaranteed income right away, often for life, converting savings into a pension-like stream of payments.
Example: He used part of his rollover to buy a SPIA covering his fixed expenses.
Usage notes
Payout rates depend on age, sex and interest rates. A life-only SPIA stops at death, so many buyers add a period-certain or refund feature.
Related abbreviations
More insurance abbreviations
- PL – Public liability insurance
- PUA – Paid-up additions
- RCV – Replacement cost value
- ROP – Return of premium
- SIR – Self-insured retention
- SLI – Supplemental liability insurance
- SR-22 – SR-22 certificate of financial responsibility
- STD – Short-term disability insurance
- TPA – Third-party administrator
- TPFT – Third party, fire and theft
- UBI – Usage-based insurance
- UIM – Underinsured motorist coverage