An annuity contract that accepts a single Purchase Payment.
Annuity purchased with a payment of one lump sum premium.
An annuity purchased with one lump-sum payment. Unlike flexible premium annuities, single premium annuities don't generally allow you to make additional premium payments at a later time (see Flexible Premium Annuity).
This type of annuity contract is purchased with a one-time payment. All immediate annuities and some deferred nonqualified annuities are in this category.
An annuity that is paid in full upon purchase.
An annuity that is purchased with only one premium payment. A single premium annuity can be an immediate annuity or a deferred annuity.