The individual(s) or legal entity named to receive the benefits of an annuity policy upon the death of the Annuitant, typically a spouse or children.
A type of immediate annuity payout option where the insurance company guarantees that the total payout will not be less than the amount paid to purchase the annuity. If the annuitant dies before receiving payments that equal the purchase price,... Read more
An annuity payment option that provides guaranteed income payments for as long as either the annuitant or joint annuitant is living.
A kind of annuity contract that is established with a single lump-sum premium payment. Additional funds cannot be added to this type of annuity after it is issued.
The period of time, typically 30 days, at the end of an annuity guarantee period when the contract owner has the option to withdraw or transfer funds, or surrender their contract without any surrender charges or market value adjustment fees.... Read more
It is that portion of an annuity income payment, represented as a percentage, which is considered a return of premium (cost basis) and therefore not taxed.
The benefit paid to the designated beneficiary(s) when the annuity contract’s annuitant dies.
Also referred to as a Deferred Income Annuity (DIA), it is a product designed to provide a guaranteed lifetime income stream beginning at a predetermined future date, from a few years and up to 40 years in some cases. Usually,... Read more
A type of annuity where the insurance company adds a bonus amount to your annuity, usually a set percentage of the amount you put in when you buy or add money to your contract.
A type of fixed annuity that uses a stock market index as the basis for determining what the interest credits will be.