A Single Premium Group Annuity (SPGA) requires a one-time, up-front premium payment that is used to fund a guaranteed income stream to individuals for a certain period of time. Payout commences at a specified time, typically upon the retirement of plan participants. A guaranteed structure such as this is appropriate for defined benefit and defined contribution plans. Comprehensive service, including underwriting, installation and ongoing administration are just a few of the competitive advantages that John Hancock has to offer.
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