Fixed immediate annuities are purchased with a single premium and are
for individuals interested in receiving a periodic income, usually monthly.
Payments may be designed to increase or decrease. Payments may be received
for a set period of time, lifetime, or the joint lifetime of two people.
Payments can begin immediately or be delayed for up to one year. On non-qualified
contracts, each payment is part principal and part interest with only the
interest portion being taxable. In some situations a death benefit is paid
to the designated beneficiary.