What Is an Immediate Annuity

What Is an Immediate Annuity
With immediate annuity, you can receive the payment within a month after you sign the contract. Hoang Dinh Nam/AFP via Getty Images
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Last week I turned on the air conditioner for the first time this year. Much to my chagrin, it wasn’t working properly. So, I had to have someone come out and fix it—unless I wanted to sweat my keister off all summer.

But, what if I didn’t have the money on hand to repair the AC? I would either have to wait until I had the money or borrow the money from a friend or use my credit card.

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