---
title: "What Is SPIA (Single Premium Immediate Annuity)? | Epic Life"
description: "A single premium immediate annuity (SPIA) is an annuity bought with one lump sum that begins paying income right away, usually within a year. Payments..."
url: https://epicline.preview.multisites.ai/glossary/single-premium-immediate-annuity
publisher: Epic Life Group
apply: https://epicline.preview.multisites.ai/apply
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---

Annuity terms

# Single Premium Immediate Annuity (SPIA)

A single premium immediate annuity (SPIA) is an annuity bought with one lump sum that begins paying income right away, usually within a year. Payments can last for life or for a set period.

## Why it matters

A SPIA turns savings into a reliable income stream. The payout depends on age, the amount paid, the payout option chosen, and interest rates at the time. Once the contract starts, the choice is usually irrevocable and cash access is limited. Payout options include life only, life with period certain, and joint and survivor. Life only pays most but leaves nothing for heirs. Rates and options vary by carrier.

Source: [investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/immediate-annuity)

[Read next, for familiesAnnuities explained: fixed, fixed-index, MYGA, income riders and surrender charges](https://epicline.preview.multisites.ai/annuities)

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