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An income annuity is typically purchased with a lump sum payment, often by people who are at or near retirement.Also known as an immediate annuity.REAKING DOWN 'Income Annuity'. Investors seeking income annuities should have clear picture of how much income will be received and for how long. Most annuities pay out until the death of the annuitant and some pay out until the death of spouse.
A deferred annuity would better be defined as a category of annuities rather than a type of annuity. All annuities can be categorized as either deferred or immediate. When income payments are scheduled to begin is the determining factor as to which category an annuity belongs. There are many different types of annuities that fall underneath the broader deferred annuity category. A deferred annuity has two phases: the accumulation phase, where you let your money grow for a period of time, and the payout phase.