Annuity glossary
Period Certain
A payout option guaranteeing payments for a minimum number of years no matter what happens. If the annuitant dies before the period ends, the remaining payments go to the named beneficiary. It is often combined with a lifetime payout, such as life with ten years certain, so an early death does not forfeit the premium. 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.
Any guarantee is backed by the claims-paying ability of the issuing insurer.
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