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fixed annuities

Glossary Terms

Maturity Date

The date specified within an annuity contract at which time the owner must elect a settlement option and begin receiving payments by way of annuitizing the contract.

Income Rider

An optional benefit that can be added to some annuity contracts, usually for a fee, that is designed to help generate a higher level of guaranteed lifetime income at a future date.

Period Certain

An immediate annuity payment term where income payments are made by the insurance company for a predetermined set period of time only.


An individual who is licensed by a state and contracted with one or more insurance companies, to sell their annuity products.


Refers to the moving of tax qualified monies from one retirement plan or IRA to another in such a way so as not to incur or suffer any tax consequences, maintaining the tax-deferred status of the funds.

Guaranty Association

Each state, by statute, has a Guaranty Association that backs fixed annuity products up to certain dollar limits, to protect policyholders from financial loss due to the insolvency of an insurance company. To find out the coverage in your state,... Read more

Joint Owner

A person or legal entity that, jointly with another person or legal entity, applies for and buys an annuity contract. These are the parties that co-own the annuity and whose funds were used to purchase the policy.

Single Premium Immediate Annuity (SPIA)

A type of annuity that is designed to provide a guaranteed income stream, most typically for an individual or joint lifetime, with payments beginning in less than one year. They can also be structured to provide guaranteed income for a... Read more

CD-type Annuity

Also referred to as a multi-year guarantee annuity, it is a type of fixed annuity where the interest rate is guaranteed in advance for a set number of years.

Deferred Annuity

Any annuity that has not yet begun to make income payments. Deferred annuities are purchased with the intent of letting the money grow inside the contract for a period of time, before annuitizing the policy and activating an income stream.... Read more