Types of Annuities
While an annuity can be created for a multitude of reasons, there are only a few types of annuities, the most common being a single premium annuity, which can be paid out in one of two ways.
Single Premium Annuities
There are two types of single premium annuities. A single premium immediate annuity begins paying out within a year of being purchased while a single premium deferred annuity is set to be paid out on a later date. Both types are purchased with a one-time investment of a lump sum.
An immediate annuity provides a steady, predictable income that begins within the first year of the purchase. Immediate annuities allow you to determine the payback period and riders attached.
A deferred annuity commences only after a lapse of some specified time after the final purchase premium has been paid.
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