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Immediate Payment Annuity |
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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. Immediate Payment Annuity An annuity purchased with a lump sum payment by an annuitant who begins to receive payments immediately. An annuitant often buys an immediate payment annuity after he/she has reached retirement age and wishes to receive his/her savings or other money in an organized manner. An immediate payment annuity may either be fixed or variable; that is, payments may remain constant throughout the life of the annuity (or the annuitant's natural life) or they may change according to the performance of the investments made by the lump sum payment. See also: Deferred annuity. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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