immediate annuity

noun

1. 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.

immediate annuity

noun

1. See deferred annuity
   an annuity that starts less than a year after its purchase Compare deferred annuity

Example Sentences

He may purchase an Immediate Annuity, though in this case the purchase-money must always be paid in one sum.

From Project Gutenberg