Which of the following annuities allows the owner to "annuitize" right away?

The correct answer pertains to the Single Premium Immediate Annuity, which is specifically designed to start making payments to the annuitant almost immediately after it is purchased. This type of annuity allows the investor to make one lump-sum payment, after which the insurance company begins to make regular income payments right away, often within a year.

The structure of a Single Premium Immediate Annuity is ideal for individuals who need immediate retirement income and don't need to wait for their investment to grow. This contrasts with other types of annuities, where the payment start date is deferred. A Single Premium Deferred Annuity, for example, requires the owner to wait for a specified period before receiving payments, while a Periodic Premium Annuity involves regular contributions over time and typically defers payments until a later date. A Lifetime Annuity can be a type of immediate annuity but needs to be specified as one that begins payments immediately to be compared accurately. Thus, the immediate nature of the Single Premium Immediate Annuity distinguishes it from the other options.