What Is Single Premium Immediate Annuity? 
This is the basic annuity . It provides that the insurance company will , in exchange for a single payment , provide a lifetime of monthly payments , regardless of the length of the life of the annuitant . This promise is backed by the assets of the corporation and the insurance company is supervised by the state insurance commissioner in the state where you live and the state where the company is domiciled . There are many variations on this basic contract . 