an annuity that starts less than a year after its purchase
Compare deferred annuity
immediate annuity in Insurance
(ɪmidiɪt ɪnuɪti)
Word forms: (plural) immediate annuities
noun
(Insurance: Life insurance)
An immediate annuity is an annuity contract in which payouts begin immediately or within one year.
An immediate annuity allows you to turn a one-time lump sum payment into a guaranteed series of payoutsthat generally begin within a year of the annuity issue date.
An immediate annuity is purchased for a single premium or lump sum, and provides an immediate income tothe annuitant.
An immediate annuity is an annuity contract in which payouts begin immediately or within one year.