3.6.4.3. Purchasing Annuities
Annuitants may purchase an annuity in one of three ways:
|
Type of Annuity |
How Purchased |
Payout |
|
Single Premium Deferred Annuity |
Lump sum |
Delayed to a later date |
|
Periodic Payment Deferred Annuity |
Weekly, monthly, or annually on a scheduled basis |
Delayed to a later date |
|
Immediate Annuity |
Lump sum |
Payout begins in 30 days |
Note: There is no periodic payment immediate annuity.