Meaning of “immediate annuity” in the English Dictionary

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"immediate annuity" in Business English

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immediate annuitynoun [ C ]

uk us

INSURANCE, FINANCE an arrangement with an insurance company in which you pay them one large sum of money and then they immediately begin paying you regular amounts each month:

Immediate annuities offer a secure way to shore up your retirement income.

(Definition of “immediate annuity” from the Cambridge Business English Dictionary © Cambridge University Press)