With an immediate annuity, you place an amount with an insurance company and they begin to pay you a predetermined amount each month or year starting right away.
With a deferred annuity you place an amount with an insurance company and they hold your money and pay you sometime in the future. You can continue to add additional money to a deferred annuity over time.
All quotes for annuities are for fixed annuities approved by the State Dept of Insurance.