Annuity plans demystified: deferred vs immediate, joint vs single
By Editorial Team· 23 May 2026· 6 min read
An annuity converts a lump sum (your retirement corpus) into a stream of guaranteed income for life. There are two big choices: when the income starts and who it covers.
Immediate vs deferred
Immediate annuity — pay a lump sum, income starts next month. Best if you're already at retirement. Deferred annuity — pay over years, income starts later. Best if you're still working.
Single life vs joint life
Single life pays you, stops at death. Joint life pays you, then 50%/100% to your spouse. Joint costs about 8-12% more — almost always worth it.
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Editorial Team
Independent insurance writers and former product managers from leading insurers — focused on plain-English explainers, no marketing fluff.
Published 23 May 2026· 6 min read