NU Online News Service, Aug. 16, 1:06 p.m. – TIAA-CREF Life Insurance Company, New York, is now selling single-premium immediate annuity contracts to the general public in 28 states.
The company, an insurance subsidiary of the Teachers Insurance and Annuity Association, hopes to begin selling SPIA contracts in most other states by the end of the year.
The TIAA-CREF annuity can pay either a stream of variable income payments or a stream of fixed income payments, or a combination of both, the company says.
Annuitants can also change their income choices, even after they have begun receiving income payments, TIAA-CREF says.
The minimum initial contribution is $25,000.