Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
An immediate annuity starts making regular monthly payments within one year of the time that the annuity is established. The payments will last for the lifetime of the annuitant unless a specified period is selected. Since that will not meet the needs of all there are other options available. For example the payments can be set to provide income for two people or return the total accumulated value.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
When does an immediate annuity start? Usually after 30 days. It can be delayed a bit longer, but usually people purchase and start their immediate annuities within a short window of time. You can annuitize a annuity into an immediate annuity as per the specifics of the plan you've set up.
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You can add more money within a year or just stuff as much as you can to get the most income within 30 days.
Some annuities have income riders. These are not immediate annuities.
Regular or non-immediate annuities can be turned into income annuities of you have the rider.