A Immediate Annuity may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or a specific period of time. The annuity is purchased from an insurance company with a single, lump sum amount called a premium.
In return for your lump sum, the insurance company promises to make regular payments to you for the chosen length of time – most commonly for the remainder of your life, however long that may be.