Immediate annuity

{
  "id": "MLC-T-INS-001766",
  "term": "Immediate annuity",
  "field": "Insurance and risk management",
  "definition": "A contract with an insurance company, purchased with a single lump-sum payment, that begins making regular income payments to the annuitant almost immediately. The first payment is made within one payment period from the purchase date, which can be a month, quarter, or year. This type of annuity is designed for individuals who need a steady stream of income right away, such as retirees.",
  "url": "https://mlchart.com/terminology/insurance/immediate-annuity/"
}