Accumulation period - The period of time when you pay into an annuity to build up the fund.
Annuitant
- The person (customer) that will receive the annuity payments.
Annuity -
Provides for periodic payments for the duration of life.
Flexible premium deferred annuity - An annuity with varying premium payments.
Immediate annuity -- Annuity payments that are not deferred.
Individual Retirement Account (IRA) -- An investment account in which earnings on contributions accumulate tax-deferred until retirement.
Keogh plan
-- A tax-deferred retirement plan for self-employed persons.
Load -- Fees you pay when purchasing an annuity.
Payout Period
-- The period of time during which you receive the income from your annuity.
Principal
-- The amount you pay into your annuity, excluding the interest that is earned.
Qualified annuity
Straight life annuity -- An annuity set up so that the periodic payments stop when the annuitant (customer) dies.
Variable annuity -- Monthly payments are related to investments that fluctuate in value, therefore, they will vary.
