What Kind Of Annuities Are There? 
The single premium immediate annuity is the policy from which every other annuity begins . This policy pays a lifetime steam of income in exchange for a lump sum of money . The first alteration was the deferred annuity where the payments did not start within a year but were deferred until later ; these usually allow you to contribute more to the annuity . Then there is the issue of where the money in the annuity is invested . Some are in company funds , some are in separate accounts and some are hands-on investments where the annuitant directs the investments . There are variations of these basic plans that appeal to some people and meet specific needs . 