Immediate Payment Annuity

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

Investopedia explains Immediate Payment Annuity
This type of annuity is sometimes used when a person turns 65 (or retirement age).

Related Terms

Annuitant
Annuity
Annuity Due
Deferred Annuity
Split-Funded Annuity
Variable Annuity
More Related Terms

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