What is an Immediate Life Annuity?
An immediate life annuity is an annuity product that is paid out as one lump sum and takes effect immediately, paying out regularly for the life of the policy. Immediate life annuities may be fixed or variable, or simplified annuities that act as deferred savings plans.
Who Can Benefit from Immediate Life Annuities?
As immediate life annuities take effect immediately, they’re best bought for recently retired individuals with significant savings as a way to spread out their nest egg and guaranteed an even income. An immediate annuity is a valuable product for those whom are looking to plan for their retirement and can budget accordingly for their future.
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