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What is an Annuity?

An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or series of premiums you have paid. Annuities were originally designed to provide income for life starting either right away, which are known as Immediate Annuities, or starting at a later date, which are known as Deferred Annuities. With a Deferre...
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