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North American Company
The North American Income SPIA is a single premium immediate annuity that converts retirement savings into a predictable stream of guaranteed payments. It's designed for retirees who want income stability and protection from market volatility.
Key Features
Guaranteed Income
Payments continue for life or fixed period, guaranteedPayments are locked in at issue and guaranteed by North American Company for Life and Health Insurance, based on your chosen payout option
Seven Payout Options
Period certain ranges from 5-20 years; survivor benefits up to 100% for joint optionsChoose from period certain, single life, joint life, and various combinations with period guarantees or refund features
Minimum Premium
$25,000 minimumAffordable entry point for converting savings to income
Payment Flexibility
Monthly, quarterly, semi-annual, or annual optionsReceive payments on a schedule that works for you, starting within one year of purchase
No Market Risk
Stable, predictable payments regardless of market volatilityIncome payments are unaffected by stock market performance or economic conditions
Age Range
Life options: ages 0-85; Period certain options: ages 0-93Available for a wide range of ages with flexible issue options
Multiple Account Types
Non-qualified, Traditional IRA, Roth IRA, SEP IRAFund through various retirement account structures
Highlights
Converts a lump sum into guaranteed lifetime income payments that cannot be outlived
Seven flexible payout options to match your specific retirement goals and family needs
Payments locked in and guaranteed to never fluctuate based on stock market performance
Backed by North American Company's A+ financial strength rating
Immediate income starts within one year of purchase with no ongoing management required
Best For
Retirees who want to bridge income gaps before Social Security, reduce market risk exposure, ensure lifetime income security, or create a predictable income stream they cannot outlive.
Consider Alternatives If
Individuals who need access to their principal, expect to outlive their retirement by only a few years, or prioritize leaving a large estate to heirs.
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