How to Buy a Single Premium Deferred Annuity

One of my favorite that I really don't have a problem with especially when interest rates are higher. A single premium deferred annuity is exactly as its name says. You fund it with money you have already paid taxes on in one lump sum. It has a five or a seven or a ten year surrender period and you do not know what is the interest rate that they are going to be giving you for all the years after the first year because remember you will have in most cases, surrender charges for a number of years.