When Did Annuities Start?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    All annuities have a policy date.  That is usually the date that funds are accepted by the insurance company.  Money can be withdrawn from an annuity in several ways which would give rise to several other dates.  If there will be regular installments for a period of time, which would create a different date.  If a lifetime income is desired there would be the start date for that, which could be the same as the policy date on an immediate annuity.  The start date for a lifetime income becomes a date that ends all further choices.  
    Answered on March 26, 2014
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  2. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    When did annuities start? Well they can be traced back to Roman times. Know as annua, people made a one time payment and then collected a payout every year there after. During the 17th century governments issued annuities to underwrite the many wars they were in. People provided money now to the government with the promise of a later payout over many years.
    Answered on October 9, 2015
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