What Does Single Premium Immediate Annuity Mean?

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What does Single Premium Immediate Annuity mean? Read on to discover the definition & meaning of the term Single Premium Immediate Annuity - to help you better understand the language used in insurance policies.

Single Premium Immediate Annuity

Single Premium Immediate Annuity

A single premium immediate annuity is an annuity offered by insurance companies that requires one single lump sum payment in order to receive the benefit of regular payments for a certain amount of time. The purpose of a single premium immediate annuity is to generate an income stream that can last for many years.

We hope the you have a better understanding of the meaning of Single Premium Immediate Annuity.

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