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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.
In its most general sense, an annuity is an agreement for one person or organization to pay another a stream or series of payments.Usually the term âannuityâ relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.There are many categories of annuities. They can be classified by: 1  Nature of the underlying investment â fixed or variable. Protection from creditors. 2  If you own an immediate annuity (that is, you are receiving money from an insurance company), generally the most that creditors can access is the payments as theyâre made, since the money you gave the insurance company now belongs to the company.