5 Fixed Annuity Acronyms Which Are Widely Used | Get familiar with these terms used in the industry

5 Fixed Annuity acronyms I use often in my videos and in my daily business.

1. SPDA (Single Premium Deferred Annuity)
Have annual resetting rates | Allows only one premium deposit or limits deposits to 1 year or less.

2. FPDA (Flexible Premium Deferred Annuity)
Have annual resetting rates | Allows premiums deposits in all year. Good products will not increase the early withdrawal charges. Example a 10 year initial surrender charge period with a deposit in year 7 will only have 3 years of early withdrawal charges on the full account.

3. MYGA (Muti-Year Guarantee Annuity)
Primarily single premium products which guarantee the interest rate for a set period of time normally 2 – 10 years.

4. FIA (Fixed Indexed Annuity)
Can be single premium or flex premium products. | Credits interest based on a specific crediting method usually link to indices of fixed rate. Usually reset credit rates annually. May reset less often in some products including full term rate locks.

5. SPIA (Single Premium Immediate Annuity)
Are issued with a single premium amount. Guarantee income payments based on Life, Joint Lives or a set Period Certain time, usually 5 – 30 years. Lifetime income can also include a set period certain minimum guarantee. Income must start within 12 months.

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