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Fixed immediate annuities are purchased with a single premium and are for individuals interested in receiving a periodic income, usually monthly. Payments may be designed to increase or decrease. Payments may be received for a set period of time, lifetime, or the joint lifetime of two people. Payments can begin immediately or be delayed for up to one year. On non-qualified contracts, each payment is part principal and part interest with only the interest portion being taxable. In some situations a death benefit is paid to the designated beneficiary.