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Annuity as a term is gotten from the Latin word annus which is a medium of investment that can be compared to Certificate of Deposits which banks give. In unambiguous language, you can call annuity income.
To take it a step further, annuity can be said to be that purchased guiding principle that pays a fixed sum of benefits once a year for the life of the person or for a term of years. Lots of people dont want to retire and not have money coming in, thats the major reason why they buy annuities.
Conclusively, you should also consult with an insurance agent before making the final buying decision.
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