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Immediate Payment Annuity

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Immediate Payment Annuity
An annuity contract that is purchased with one payment and has a specified payment plan which starts immediately.

Notes:
This type of annuity is sometimes used when a person turns 65 (or retirement age).

See also: Annuity, Annuity Due
Immediate payment annuity
An annuity contract paid by a single payment and with a specified payment plan that starts immediately after the contract is purchased.


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