Immediate Annuity - A long-term contract that provides guaranteed payments almost immediately after making your first payment. These payments can be received either over a lifetime or within a specified period of time.
Deferred Annuity - Lets you choose when you want the payments to start coming in, usually upon retirement after earning tax-deferred interest.
Fixed Annuity - The insurance company takes the investment risk by placing money into a fixed rate, such as in a bond. It guarantees a minimum interest rate you will earn over time.
Variable Annuity - Tax-deferred retirement plan that allows you to choose from different retirement options that pay you based on how well your investments do. These investments may include stocks, bonds, mutual funds, or money markets.