Immediate annuities can be customized just like a brand new car. With a car, you choose which options to add to your package, and drive away with exactly what you want. With immediate annuities, you choose options depending on your situation. Immediate annuities can be endlessly customized to suit your needs.

Immediate annuities offer you a fixed payment monthly (or however frequently you choose). While it is nice to know exactly how much money you will be receiving on every payment date, worries about inflation may weigh heavily on you. Many immediate annuities have options for a cost of living adjustment (typically 1-3%), which means your annuity payment gradually increases over the years, to help keep pace with inflation. In the beginning of your annuity payout, you will receive smaller payments than if you just took level immediate annuity payments. But over time, these payments will increase and eventually become larger than if you just took the level payment option.

You may not feel 100% comfortable giving up all control over your money, so many annuity issuers offer period certain options, where you are guaranteed payments for a specific time period – 10, 20 or 30 years, even if you, the original annuitant, dies. The payments are shifted to your beneficiaries in this case. You can also purchase joint-and-survivor benefits, so that payments continue as long as you and/or your spouse are living.

When you buy immediate annuities, you are choosing to give up control over a large chunk of money. However, there are options that you can add to some immediate annuities that allow you to access a percentage of your principal deposit at a later date. Of course, withdrawing some of your principal will mean adjustments need to be made to the amount of your remaining monthly payments, or a shortening of the time period your payments are guaranteed.

What options would you like to add to an immediate annuity? For a complete list of all the immediate annuities and options available to you, call the Annuity Specialists at BuyAnnuitiesOnline.com. Their toll-free number is 1-800-994-3023 and their services are 100% free to the annuity buyer.