SPIA

Business & Finance abbreviation · Insurance

SPIA
Stands forSingle premium immediate annuity
CategoriesBusiness & Finance

SPIA stands for Single premium immediate annuity, an insurance abbreviation.

Annuity bought with a lump sum that begins paying guaranteed income right away, often for life, converting savings into a pension-like stream of payments.

Example: He used part of his rollover to buy a SPIA covering his fixed expenses.

Usage notes

Payout rates depend on age, sex and interest rates. A life-only SPIA stops at death, so many buyers add a period-certain or refund feature.

More insurance abbreviations

  • PL – Public liability insurance
  • PUA – Paid-up additions
  • RCV – Replacement cost value
  • ROP – Return of premium
  • SIR – Self-insured retention
  • SLI – Supplemental liability insurance
  • SR-22 – SR-22 certificate of financial responsibility
  • STD – Short-term disability insurance
  • TPA – Third-party administrator
  • TPFT – Third party, fire and theft
  • UBI – Usage-based insurance
  • UIM – Underinsured motorist coverage

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