In its most general sense, an annuity is an agreement for one person or organization to pay another a stream or series of payments. Usually the term “annuity” relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.
There are many categories of annuities. They can be classified by:
Nature of the underlying investment – fixed or variablePrimary purpose – accumulation or pay-out (deferred or immediate)Nature of pay-out commitment – fixed period, fixed amount, or lifetime Tax status – qualified or nonqualifiedPremium payment arrangement – single premium or flexible premium
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