With the rest of your life to look forward to, the last thing you need to worry about is running out of money. Here's an easy step to make sure you won't. You'll have a monthly paycheck for life to help cover expenses.
How it works
It takes a portion of your savings converts that lump sum into monthly income payments that are guaranteed1 to last - no matter how long you live.
As the chart below shows, your payments are not only guaranteed1 to last, but the amount of your payments won't decrease over time, no matter what happens in the stock market. That certainty month after month makes it easier to budget your money and plan for future expenses.
The chart also shows that your payments could add up to more than your contribution.**
Funding an Income Annuity
You can open an Income Annuity with contributions or transfers from:
- Bank savings accounts
- Proceeds from the sale of a house
- An inheritance
Be sure to consult your personal tax or financial advisor for guidance.
Lifetime monthly payments are available with the following options:
- For one person, payments stop when that person dies.
- For one person with a death benefit option if the payee dies within 10, 15, or 20 years.
- For two people, monthly payments are made as long as either is alive. When one dies, the survivor receives 50% or 100%. Payments stop after both die.
- For two people with a death benefit option if both die within 10, 15, or 20 years
The Death Benefit Option provides a guarantee that you or your beneficiary will receive the money remaining in your annuity, so you know you will always get back at least as much as you put in.
1Guarantees are based on the claims-paying ability of Church Life Insurance Corporation 19 East 34th Street, New York, NY 10016 (“Church Life”). The Church Pension Fund does not guarantee the interest or principle.
**For illustrative purposes only. The amount of your guaranteed income payments could be more or less depending on when you purchase your annuity, and a variety of other factors.
Policy Form Series: 1007A1004, 1007B1004, 1007C1004, 1007D0605, 1007A0613, 1007B0613, 1007C0613, 1007D0613
Annuities are offered by Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016.