Annuities were put on the planet to provide a guaranteed lifetime income stream, and until the first variable annuity structure was introduced in 1952, it was the only annuity type available. (marketwatch.com)
Back then, and really up to 1952 when the first variable annuity was introduced, the only annuity structure available was the Single Premium Immediate Annuity (SPIA). (marketwatch.com)
In other words, this specific type of annuity structure would save the players from themselves and prevent family, friends, and «hanger - oners» from getting to the money. (stantheannuityman.com)