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By definition, an annuity is the liquidation of a principal sum to be distributed on a periodic payment basis, beginning at a specific time and continuing for a specified period of time, or for the duration of a designated life or lives.

In addition to being non-qualified or qualified, every annuity has two basic classifications:

  1. Whether the payout is immediate or deferred; and

  2. Whether the investment type is fixed or variable.

If the annuity is variable, one must consider the investment options offered.

Let's review each classification.


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