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Annuity Insurance may be classified as follows: Immediate and Deferred.

With Immediate Annuities your income payments start right away. You choose whether you want income guaranteed for a specific number of years or for your lifetime. The insurance company calculates the amount of each income payment based on your purchase amount and your life expectancy.

Deferred Annuities has two phases called the accumulation phase, where you let your money grow for a while, and the payout phase. During accumulation, your money grows tax-deferred until you take it out, either as a lump sum or as a series of payments. You decide when to take income from your annuity and therefore, when to pay taxes. Gaining increased control over your taxes is one of the key benefits of annuities. The payout phase begins when you decide to take income from your annuity. For most people, this is during retirement. As your needs dictate, you can take partial withdrawals, completely cash-out your annuity or convert your deferred annuity into a stream of income payments or annuitization.

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