Horizon IA Product Guide

Product Type: Individual Fixed-Interest Single Premium Immediate Annuity (SPIA-94)

Minimum Premium: $10,000 for individuals

$2,500 if used to pay premiums on a life insurance policy issued by Lafayette Life.

Maximum Premium: $500,000 without prior company approval

Issue Ages: 0 - 95

Payout Options: 

• Single or joint life income with no guaranteed term
• Single or joint life income with a minimum guaranteed term; available terms are 5, 10, 15 or 20 years.
• Specified term only

Credited Interest Rates: Set by the company on the entire premium when received at the home office, and guaranteed for the life of the contract.

Current Expense Charges: $100 quantity discount factor deducted from the single premium.

Remaining payments at death: If the annuitant(s) die with remaining payments due, those payments will be continued to the policyowner or, if applicable, to the beneficiary. At our discretion we may permit the commutation of these benefits, based on the interest rate used to determine the policy’s monthly income.

Form #2015