Legacy SPIA (Single Premium Immediate Annuity)

Available in IA, IL, MD, MO, OH, PA, TX, WV, & WI

This annuity is a specialized financial product designed primarily for estate planning and Medicaid eligibility. It converts a single lump sum into a guaranteed income stream that begins within one year of purchase.

Product Features:

• Guaranteed Income: Payments made monthly, quarterly, semi-annually or annually.
• Irrevocable & Fixed: The payment schedule cannot change once established.
• No Flexibility: Does not accept added deposits or allow further withdrawals.
• Non-transferable: Does not allow for surrender, assignment, or ownership or beneficiary changes.
• No cash value
• Minimum Monthly Payment of $50.00
• Tax Status: Available for both qualified and non-qualified funds
• Beneficiary Options: Allows lump sum or continuing payments to beneficiaries upon the annuitant’s death.

Advisor Considerations:

• Elder Law Integration: Developed specifically for agents working with elder law attorneys for estate planning.
• Medicaid Eligibility: It is essential to review state-specific laws, which are used in planning to meet Medicaid Asset & Income requirements.
• Compensation: This annuity plan has a unique commission schedule and is not included in the annual Cash Bonus Program

Legacy SPIA Rates

• 2-23 months: 0.05%
• 24-35 months: 0.50%
• 36-59 months: 1.00%
• 60-119 months: 1.50%
• 120+ months: 2.00%

Annuity rates subject to change. Consult a tax advisor to determine any tax implications.

Contact the Sales Department at 877-928-1877 or email sales@wculife.org.