Annuity
Definition
A contract in which the owner pays an insurance company a single premium or a series of premiums, and the insurer promises periodic payments when the owner chooses, a death benefit, or the cash surrender value on request. Many owners use an annuity as a tax-deferred savings vehicle. Guarantees are dependent on the claims-paying ability of the issuing company.
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Where This Term Appears
- In-Line Insurance & Annuities
- Retirement: 403(b), IRAs & Annuities
- Texas Teacher Retirement (TRS)
- Resources & Calculators
- About John C. Gilbert, MBA