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Lifetime deferred annuities. With lifetime deferred annuities, you can opt to receive future payments that will last for the remainder of your life.
This gives you the option to fund a deferred annuity contract over time, instead of all at once with a single lump-sum the way immediate annuities require.
Therefore, the future value of your annuity due with $1,000 annual payments at a 5 percent interest rate for five years would be about $5,801.91.
Annuity contracts with a deferral phase always have an annuity phase and are called deferred annuities. An annuity contract may also be structured so that it has only the annuity phase; such a contract is called an immediate annuity.
A deferred annuity, on the other hand, lets you invest in the contract over time and begin receiving payments at a date in the future. Here’s what you need to know.
Deferred annuity. There are two phases for a deferred annuity: the accumulation or deferral phase in which the customer deposits (or pays premiums) and accumulates money into an account; the distribution or annuitization phase in which the insurance company makes income payments until the death of the annuitants named in the contract
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