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annuity pays care: Original post by Melinda Hill Mendoza of Demand Media An annuity is an insurance policy that's designed to generate a guaranteed income. If you take out an immediate annuity, you pay a lump-sum premium, which is then paid out as income for the period of time you choose. You can fund a deferred annuity with a one-time premium or with ongoing premiums. The premiums earn interest based on an interest…

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