Single Premium Deferred Annuity

A simple way to be better prepared for retirement.

What is it?

With a one-time payment, a single premium deferred annuity accumulates interest and value until it’s time for you to retire and receive payouts. 

This is a good option if you have a lump sum of money today (at least $10,000), but want to save it for retirement. 

How does it work?

A single premium deferred annuity requires a $10,000 minimum payment, and there’s no maximum limit.

You make one lump sum payment up front, and never make a payment again. Then, you choose from one of three guaranteed interest rate periods (three, five or seven years). After the guaranteed rate period expires, your annuity will be credited with the company’s current portfolio interest rate. That rate could change, but it will never fall below the guaranteed minimum.

After the first year, you can withdraw up to 10 percent of the policy’s value without having to pay a surrender charge. 

Payout options

You can choose to receive guaranteed income for the rest of your (or your spouse’s) life.

Payout frequency options


You’ll receive one payment per year after you start regular withdrawals


You’ll receive one payment every six months after you start regular withdrawals


You’ll receive one payment every three months after you start regular withdrawals


You’ll receive one payment every month after you start regular withdrawals

Tax information

You won’t pay any income tax on funds you accumulate in the annuity until it’s time to make withdrawals.

You may be subject to a 10 percent federal income tax penalty if you make withdrawals before age 59½. 

Which annuity option is right for you?

Review our annuities comparison guide for a side-by-side look at your choices.

Ready to start?

Talk to a COUNTRY Financial representative to get more details and review the pros and cons of your options.

COUNTRY Financial® is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, COUNTRY), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois.

Fixed annuities issued by COUNTRY Investors Life Assurance Company®, Bloomington, IL., or offered through CC Services, Inc., and issued by an unaffiliated third-party insurance company.

If a guarantee of payment(s) is referenced, you will need to add the following: The issuing company is responsible for all claims paying ability.

There is no additional tax advantage to purchasing a deferred annuity to fund an IRA. Which may be needed depending on what claims are made about retirement accounts.

Contract Form Numbers: CI-SPDA-03B, In North Dakota ND-SPDA-03B