Eligibility Age for Immediate Annuity
- General Age: There is no specific minimum age for purchasing an immediate annuity.
- For Minors: Individuals under the age of 18 (minors) require the consent of a guardian to buy an immediate annuity.
Age for Annuity with Lifetime Income Rider
- Minimum Age: To purchase an immediate annuity with a guaranteed lifetime income rider, one must be at least 50 years old.
- Minor Scenario: A 16-year-old wishes to buy an immediate annuity. They can do so but must have their guardian’s consent.
- Adult Scenario: A 55-year-old individual opts for an immediate annuity with a lifetime income guarantee, which is permissible as they meet the minimum age requirement of 50.
Immediate Annuity Age Requirements
|Immediate Annuity Purchase
|Lifetime Income Rider Eligibility
|Guardian Consent Required
|18 – 49
|50 and above
Purchasing an immediate annuity is accessible at any age, with minors needing a guardian’s consent. However, if the annuity includes a guaranteed lifetime income rider, the purchaser must be at least 50 years old. This ensures a secure financial plan tailored to different life stages. Contact us today for a free quote.
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