Deferred Fixed Annuities have an accumulation period where the contributions made to the annuity accumulate earnings paid by the insurer. During the accumulation phase, the earnings are not taxed as they accumulate within the product. The earnings are taxed when they are withdrawn.
Single Premium Annuities allows one contribution to be made to the contract. With a Single Premium Immediate Annuity, the payout of income begins after making the annuity contribution.
There are many payout options to choose from.