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Immediate Annuities

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What is an Immediate Annuity?

Like all annuities, an immediate annuity is an agreement between you and a life insurance company. In this agreement, you pay the life insurance company a sum of money. In return, the life insurance company pays you a series of payments.

There is one main difference between an immediate annuity and a deferred annuity. With an immediate annuity, your stream of income begins immediately (or after a few months or a year); whereas with a deferred annuity, your income payments tend not to begin for several years to come.

How much to Immediate Annuities Cost?

Immediate annuity quotes depend on how long you are likely to live. Our immediate annuity calculator requires you to indicate your age and sex.

Your quote also depends on either how much you are willing to pay into the annuity or how much you need the annuity to pay out each month. The larger you want your pension payments to be, the more your annuity will cost.

Immediate Annuity Payment Schedule

Immediate annuities create a stream of income that comes to you in the form of payments from the life insurance company. These payments can last for a fixed period or for your entire lifetime.

A fixed period immediate annuity means that the life insurance company pays you for a specified period of time. The payments continue for the period specified whether you are alive to receive the payments or not. (If you are not alive to receive the payments, then whichever of your heirs inherits the annuity shall receive the payments.)

A lifetime immediate annuity is when the life insurance company continues to pay you for as long as you live.

It is also possible to add a guaranteed period to your lifetime annuity. This allows your heirs to continue receiving payments even if you don't outlive the guaranteed period.