Immediate or Deferred AnnuityWith an immediate annuity, income payments start no later than one year after you pay the premium.
You usually pay for an immediate annuity with one payment. The income payments from a deferred annuity often start many years later.
Deferred annuities have an accumulation period, which is the time between when you start paying premiums and when income payments start.
Read the full disclosure from each insurance carrier for full details of the “Annuity Product” you select.