1. 5082 POINTS
    J Paul Wilson CFP, CHFC
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    There are two type of annuities, immediate and deferred. 

    With a single premium immediate annuity you exchange a lump sum of money (the premium) for a guaranteed income stream. The income could be for a guaranteed number of years or for the lifetime of the annuitant.

    If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.

    If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
    Answered on June 25, 2014
  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A single premium immediate annuity is the basic form of annuities.  It exchanges a single deposit for an income stream that is guaranteed for life.  Every annuity is a modification of this idea.  It is most often used to provide the required stream of income for people in retirement.  There are many options to the basic plan and your individual requirements can usually be met by one of the options.
    Answered on June 25, 2014
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