Which of the following annuities would NOT be acceptable for someone looking to start receiving payments at a future date?

The correct answer is based on understanding the characteristics of different types of annuities, particularly in relation to when they begin making payments to the annuitant. An immediate annuity is specifically designed to commence payments almost immediately, typically within a month of purchase. This feature makes it unsuitable for someone who wants to start receiving payments at a future date, as immediate annuities begin providing income shortly after the initial investment.

In contrast, deferred annuities, including fixed deferred and flexible installment deferred annuities, are structured to allow the individual to accumulate funds over a period before receiving any payouts. This means they can be ideal for individuals planning to start payments at a later stage, aligning perfectly with the needs of someone wishing to defer their income stream. Thus, the nature of an immediate annuity fundamentally differs from those that are tailored for future payouts.