What Is The Definition Of A Single Premium Immediate Annuity? 
There are two type of annuities , immediate and deferred . With a single premium immediate annuity you exchange a lump sum of money -LRB- the premium -RRB- for a guaranteed income stream . The income could be for a guaranteed number of years or for the lifetime of the annuitant . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 