immediate-annuity

immediate annuity

noun
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.
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World English Dictionary
immediate annuity
 
n
Compare deferred annuity an annuity that starts less than a year after its purchase

Collins English Dictionary - Complete & Unabridged 10th Edition
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