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Understanding Immediate Annuities and How They Work
at 2007-11-14 11:34:38 -0500
An annuity is a written contract between you and a life insurance company in which the insurance company makes a series of regularly spaced payments to you in return for a premium or premiums you have paid. An annuity helps you accumulate money for future income needs but it is not a short term account. It should only be used for funds that need to be set aside long term.
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