1 Some assets if liquidated prior to 59½ may incur penalties in addition to any surrender charge that may apply.
2 In Oregon, spouse includes domestic partner.
An immediate annuity is permanent. Owner has no access to premium, which converts to an income payout stream.There is no cash value, no death benefit and the annuity can’t be surrendered. Contract terms, such as payment amount and frequency, cannot be changed, unless commutation is available and elected. An immediate annuity should not be purchased if access may be needed to any of the premium for living expenses or other purposes.
The Lafayette Life Insurance Company is a member of Western & Southern Financial Group, Inc. Single Premium Immediate Annuity contract series SPIA-94 issued by The Lafayette Life Insurance Company.
Payment of benefits under the annuity contract is the obligation of, and is guaranteed by,The Lafayette Life Insurance Company. Guarantees are based on the claims-paying ability of the insurer. Products are backed by the full financial strength of Lafayette Life.
Earnings and pre-tax payments are subject to ordinary income tax at withdrawal.Withdrawals may be subject to charges.Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59½, may be subject to a 10% IRS penalty. Neither Lafayette Life, nor its agents, offer tax advice.For specific tax information,consult your attorney or tax advisor. Interest rates are declared by the insurance company at annual effective rates, taking into account daily compounding of interest.
Product and feature availability, as well as benefit provisions,vary bystate. See your financial professional for product details and limitations.