an annuity bought with a single premium, with payments to the annuitant to begin at the end of one payment period, as a month or a year.
Compare deferred annuity.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for immediate annuity
an annuity that starts less than a year after its purchaseCompare deferred annuity
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012