A product purchased with a lump sum, usually at the time retirement begins or afterwards. Payments begin within about a year. Immediate annuities can be either fixed or variable.

"Immediate Annuity" In Context

"Since that time, the firm has seen increases in not only variable annuity inflows but also in fixed, equity indexed and fixed immediate annuity inflows. For instance, according to copyrighted DTCC data that Blumberg provided to InsuranceNewsNet ..."