Florida Annuities Single Premium Immediate Annuity

A single premium immediate annuity is purchased using a single deposit. As the name implies, the single annuity usually starts making regular payments to you immediately. Typically this means within 30 days or may be up to 1 year from the day of deposit.

In return for a sum of money placed with the insurance company they promise to make regular payments to the owner or annuitant (if different) for a specific period, such as a specific number of years or the remainder of the annuitant's life. When you accept this guaranteed schedule of payments you give up the right to demand the return of your original deposit. Once the payment from the annuity has begun, the contract generally cannot be revised or cashed in.

The funds that are use to purchase the annuity can come from a variety of sources such as a maturing Certificate of Deposit (CD's) or a lump sum distribution from a profit sharing plan or an IRA account.

To get complete information about a single premium immediate annuity contact Florida Affordable Insurance today, by phone or take a moment to fill in the contact form on the left hand side of this page and representative will contact you shortly.

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