Is An Immediate Annuity A Fixed Annuity? 
An Immediate Annuity is one that begins to pay a regular amount to the annuitant in the first pay period after depositing the funds . The pay periods may be monthly , quarterly , semi annually , or annually . A deferred annuity is one that has an accumulation period for a determined amount of time before the distribution begins making it a `` deferred '' annuity . Either one may be fixed or variable . 