A SPIA (Single Premium Immediate Annuity) converts a lump sum into a guaranteed monthly income stream that starts within 30 days. Unlike MYGAs, SPIA payouts are not quoted as an interest rate, they are quoted as a monthly income amount per $100,000 deposited, which varies by age, gender, payout option, and carrier.
Below are the top SPIA quotes from carriers rated A- or better as of October 2026, for a non-qualified purchase with payments starting in one month. For a personalized quote, contact an independent annuity agent.
| Age / Gender | $100,000 Premium | $200,000 Premium | $300,000 Premium | Payout Type |
|---|---|---|---|---|
| 65 Man | $701/mo | $1,403/mo | $2,104/mo | Life Only |
| 65 Woman | $672/mo | $1,345/mo | $2,017/mo | Life Only |
| 70 Man | $771/mo | $1,542/mo | $2,312/mo | Life Only |
| 70 Woman | $738/mo | $1,476/mo | $2,214/mo | Life Only |
| 75 Man | $895/mo | $1,790/mo | $2,686/mo | Life Only |
| 75 Woman | $849/mo | $1,699/mo | $2,548/mo | Life Only |
| 65 Couple (Joint) | $622/mo | $1,244/mo | $1,866/mo | Joint Life (100%) |
| 70 Couple (Joint) | $661/mo | $1,322/mo | $1,983/mo | Joint Life (100%) |
Top quotes as of October 2026. Joint rows are a man and a woman the same age, with 100% to the survivor. Actual amounts vary by carrier, state, and exact date of purchase.
Key Takeaways
- SPIA payouts increase with age, a 75-year-old gets significantly more per month than a 65-year-old for the same premium
- Men receive higher monthly payments than women because male life expectancy is shorter
- Joint life options pay less per month but continue until both spouses have passed
- Payouts vary between carriers (today the third-best quote for a 65-year-old man is about 4% below the best), so always get 3+ quotes before purchasing
- Compare with MYGA rates if income isn’t needed immediately
What Is a SPIA and How Are Rates Calculated?
A Single Premium Immediate Annuity is the simplest income annuity available. You hand the insurance company a premium, often $100,000 to $500,000, and they begin sending a guaranteed monthly check, typically within 30 days. The income continues for life (or a chosen period), regardless of how long you live.
SPIA payouts are determined by three factors:
- Your age at purchase, older buyers receive more per month because the insurance company expects to pay for a shorter period
- Current interest rates, higher prevailing rates mean higher SPIA payouts; rates in 2024–2026 have produced some of the best SPIA income levels in over a decade
- Your payout option, life-only pays the most; period-certain and joint-life options pay less in exchange for greater beneficiary protections
SPIA Payout Options Explained
| Option | Monthly Payout | What Happens at Death | Best For |
|---|---|---|---|
| Life Only | Highest | Payments stop | Singles focused on maximizing income; those with other estate assets |
| Life + 10-Year Certain | Slightly less | Heirs receive payments for remaining 10 years | Buyers concerned about dying early in the contract |
| Life + 20-Year Certain | Moderately less | Heirs receive payments for remaining 20 years | Buyers with dependents or estate planning goals |
| Joint Life (100%) | Lower | Full payment continues to survivor | Married couples wanting equal income for both |
| Joint Life (50%) | Moderate | 50% of payment continues to survivor | Couples where one spouse has other income sources |
| Period Certain Only | Varies | Heirs receive remaining payments | Buyers who want income for a specific period, not lifetime |
SPIA rate comparisons require live quotes because payouts change with interest rates and each carrier’s pricing. The top-paying carrier is often different for a man and a woman, for different ages, and for each payout option, so compare live quotes from several carriers rated A- or better rather than favoring a brand name.
Always get quotes from at least 3 carriers before purchasing. A 5% difference in monthly payout on a $200,000 premium is $65–$80 more per month, significant over a 20-year retirement.
SPIA vs. MYGA: Which Is Right for You?
The choice between a SPIA and a MYGA depends primarily on when you need income and how important liquidity is:
| Factor | SPIA | MYGA |
|---|---|---|
| Income start | Within 30 days | At maturity (years away) |
| Liquidity | None after purchase | 10% annual free withdrawals |
| Longevity protection | Yes, guaranteed for life | No, finite term |
| Death benefit | Depends on option chosen | Full account value to heirs |
| Best for | Retirees who need income now | Savers who don’t need income yet |
For a complete comparison of annuity income options, see our guide to annuity payout options.
How to Get an Accurate SPIA Quote
- Have your date of birth and your spouse’s date of birth (if joint life) ready
- Know your premium amount and whether funds are qualified (IRA) or non-qualified (after-tax)
- Decide your preferred payout option (life only, joint life, period certain)
- Request quotes from an independent annuity agent who can shop 10+ carriers simultaneously
- Compare the monthly income amount, not just the carrier name, payouts vary meaningfully between carriers
Frequently Asked Questions
What is a good SPIA rate in 2026?
Today, a 70-year-old man buying a $200,000 life-only SPIA can get about $1,542/month at the top quote from carriers rated A- or better. That is about 9.2% of premium a year, one of the strongest SPIA income environments in more than a decade, driven by elevated interest rates.
Can I lose money with a SPIA?
With a life-only SPIA, if you die shortly after purchase, the insurance company keeps the remaining premium, your heirs receive nothing. This is not a “loss” in the traditional sense; it is the cost of the longevity guarantee. A period-certain or joint-life option provides beneficiary protection at the cost of a slightly lower monthly payment.
Are SPIA payments taxable?
For a qualified SPIA (funded with IRA/pre-tax money), all payments are fully taxable as ordinary income. For a non-qualified SPIA (funded with after-tax money), only the earnings portion of each payment is taxable, the rest is a tax-free return of your basis, calculated using the exclusion ratio.
What happens to a SPIA when the owner dies?
It depends on the payout option. Life-only: payments stop. Life + period certain: heirs receive the remaining guaranteed payments. Joint life: the surviving spouse continues receiving payments (at 100% or 50% depending on the option chosen).
Sources & Citations
- LIMRA, 2025 Annual Annuity Sales Survey – SPIA market data and income annuity sales trends
- Society of Actuaries, 2021 Period Life Table – actuarial life expectancy data underlying SPIA payout calculations
- NAIC, Buyer’s Guide for Deferred Annuities – payout option definitions and consumer disclosures for immediate annuities
