As you may know, most Single Premium Immediate Annuities (SPIA) are purchased with a lump-sum payment, where the client's principal is used to "purchase" a future income stream. In that scenario, the principal is gone, so the client can't cash out later.
However, KSKJ Life offers an "Interest Only SPIA" that guarantees that the interest only portion of the annuity is paid out for a predetermined time period (between 5 and 15 years).
At the end of the contracted time period, the entire principal remains intact.
If death of the annuitant occurs before the end of the payout period, payments will be made to a designated beneficiary until the time period has been fulfilled.
This is a great option for your clients who want income, without giving up their principal or losing it all if they die early.
Contact me to see how we can build a case for your client.