* All Partners were chosen among 50+ writing services by our Customer Satisfaction Team
What do the following terms refer to? Annuitant Payee Annuity Date Annuity Period
Annuitant is the person who lifetime is used to determine the amt. of benefits payable. The Payee is the person named to receive the periodic income pmts.
The Annuity date is the date the insurer begins to pay periodic pmts. The Annuity Period is the time span between each of the payments.
What is the difference between PAYOUT OPTIONS PROVISION AND PAYOUT OPTIONS?
Payout Option Provision lists and describes each of the payout options from which the contract owner may select. Payout options are choices a contract owner has as to how the insurer will distribute annuity benefits during the payout period.
What is the difference between the IMMEDIATE ANNUITY and a DEFERRED ANNUITY?
Immediate Annuity provides periodic income pmt’s that are scheduled to begin one annuity period after the date the contract is issued.
Deferred Annuity is where periodic income payments are scheduled to begin more than one annuity period after the date on which the annuity was purchased.