Annuitant

What Does Annuitant Mean?

An annuitant is a person who receives payments from an annuity. In the context of insurance, annuities are commonly offered by life insurance companies. In such cases, the policyholder contributes to the annuity and typically becomes the annuitant once the annuity matures and it’s time to begin receiving regular payments.

Insuranceopedia Explains Annuitant

Annuities provide individuals with a way to plan for retirement and secure a fixed source of income. Typically, the annuitant is the owner of the annuity, and many companies require this arrangement. However, some life insurance annuities offer options to continue payments to a different beneficiary after the original policyholder’s death. These annuities ensure that the money paid into the annuity doesn’t go to waste after the policyholder passes away and can benefit a loved one designated as a beneficiary. Such annuities can also supplement the death benefits from the primary life insurance policy.