Fidelity to Add USAA Income Annuity
November 20, 2019 by Allison Bell
Fidelity Investments has added a single-premium immediate annuity (SPIA) from USAA Life Insurance Company to the income annuity menu at its Fidelity Insurance Network program.
A SPIA contract gives the purchaser a way to convert one big payment into a stream of income payments that starts right away.
The typical purchaser is a newly retired consumer who’s moving assets out of a 401(k) plan or other retirement plan.
USAA Life is an arm of United Services Automobile Association, a San Antonio, Texas-based financial services provider that has focused on serving armed services members and their families. The company’s SPIA contracts and other life and annuity products are available to members of the general public as well as service members and their families.