Future Payments Defined
An annuity is a stream of payments paid on specific dates in the future, usually paid by an insurance company.
Payments may be guaranteed or life-contingent [usually on the life of the principle Annuitant].
- SPIA: Single Payment Immediate Annuity
- Lottery/Casino Winnings: often large value winnings at a Casino are paid out over time, most often in a 20-25 year time frame.
Most common examples: