Immediate Annuities have dominated “Income Now” for centuries
Immediate Annuities, Single Premium Immediate Annuities, SPIAs, Income Annuities, Pension Annuities, and Lifetime Annuities are all the exact same product. For centuries, the simplistic strategy has dominated the annuity world as the most pro-customer annuity type on the planet.
Annuities were put on the planet for lifetime income
The Latin word for payment is “annua.” Guess where the word “annuity” originates from? You got it. Our mighty Roman brethren were the first to use annuity lifetime income payments as a reward to their dutiful soldiers and families. A lifetime income stream was provided for their service to the empire. I guess you could call this the first government pension.