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An annuity is a legal contract between the insurance company and the owner of the policy. It is usually purchased with a single premium (lump-sum). If the annuity makes regular monthly payments starting immediately, it is called an "immediate annuity." These monthly payments are usually fixed for the life of the annuity. The payments can be set up to cover the annuitant, a surviving spouse, and/ or beneficiaries. For information about annuities, call toll-free 1-877-206-8141.