Immediate Annuities Immediate Annuities An immediate annuity serves exclusively as an income distribution vehicle. Within a very short time after the contract’s purchase – typically, one month – the funds the owner deposited are annuitized and converted into a guaranteed stream of income through periodic income payments. These payments are configured to last as long as the owner wishes: for a set number of years, for the duration of the owner’s lifetime, or for the duration of the joint lifetime of the owner and another, such as a spouse. As one might imagine, an immediate annuity requires the payment of a single lump-sum premium upon contract purchase. The annuity contract is simply a mechanism for converting the lump sum into a series of periodic income payments. For a free copy of the LIMRA September 2014 Update of The Facts of Life and Annuities click here. Let's get started. Call toll free 1-866-467-3102 or e-mail today at firstname.lastname@example.org to review your options for a secure financial future.