The type of Annuity is : Immediate annuity, where distribution starts within 1 year of purchase. A man purchased $90,000 annuity with a single premium, and began receiving payments 2 months after that, the type of annuity is Immediate Annuity. Immediate annuities are long-term, tax-deferred contracts one purchase from an insurance company, it provide immediate regular payments in exchange for a lump-sum investment. These payments are guaranteed to last for life or a specified period of time.
