Annuity glossary
Annuitant
The person whose life expectancy the insurance company uses to calculate annuity income payments, and to whom those payments are made. The annuitant is often, but not always, the same person as the contract owner. When the annuitant dies, the contract's death benefit or survivor provisions determine what happens next. The contract explains the payment calculation, timing, charges, limits, and survivor choices that apply.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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