There are two types of annuities, immediate and deferred. An immediate annuity as the name suggest provides an immediate income. A deferred annuity has the income deferred until a later date.
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That is an excellent question! Most annuities are designed to wait a period of time before they "annuitize", or begin to pay out ( "deferred" annuities). An immediate annuity has no wait, but begins to pay out very quickly. It is a way to take a large sum of money and create a steady income stream from it. I hope that helps, thanks for asking!
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If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.