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Health Rated Single Premium Immediate Annuities

Your clients with health issues pay more for Life Insurance due to increased mortality costs, now you can show these same clients a way to get increased income payments when applying for Single Premium Immediate Annuities (SPIA’s).

Insurance carriers base life contingent Immediate Annuity income on a client’s life expectancy. When that life expectancy is reduced due to health ailments these clients can often qualify for increased payments based on a specified premium deposit or smaller required premium deposits when requesting a specified income stream. These “Rated SPIA’s” can often help offset premium increases when used to fund a health rated Life or Long Term Care policy. CPS Insurance Services has several carriers that offer health rated SPIA’s.

In order to be considered for a Health Rated SPIA, you must submit to CPS Insurance Services a copy of your client’s Attending Physicians Statement (APS/Medical Records). CPS Insurance Services does not pay for or order these records but you may do so yourself by contacting your local medical records copy service or contact J&H Copy Service at (714) 921-0102. In order for a copy service to obtain records you will need a signed release from your client available at the links below.

Call your CPS Annuity Manager for a complete illustration for your client’s unique situation.