Annuity, Annuitant and Annuitize:
The purpose of this post is to provide the reader with a brief description of what an annuity is and, as it relates to this type of product, the significance of the words “annuitant” and “annuitize.” Please keep in mind that this information is being provided for educational purposes only. Consequently, it is not designed to be complete in all material respects. Thus, it should not be relied upon as legal or investment advice. If you have any questions concerning the below information, please contact a qualified professional.
An annuity is a contract sold by a life insurance company that guarantees a fixed or variable payment to the annuitant at some future time. There are generally two types of annuities – fixed income or variable.
The annuitant is the individual receiving the benefits from an annuity.
An annuitant annuitizes, pursuant to the terms and conditions of the annuity contract, to commence receiving payment benefits from the police paid by the insurance company. Consequently, one of the key considerations when buying an annuity is the financial soundness of the insurance company.
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