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Now there are also two different types of annuities deferred and immediate. A deferred means that there is a waited period before you can start taking distributions or immediate meaning that once that annuity is in affect you can immediately start taking distributions.
So a non qualified immediate annuity means that the money being used to fund it has already been taxed and once the annuity is approved you can immediately start taking an income.
When looking at annuities make sure that you shop around with a broker that represent multiple annuities. You may want to look at some that offer an income bonus and or a life time income.