January 30th, 2009
Annuitant and Annuity
You are considering buying an annuity, you may have heard the term annuitant and wondered what it is about. When you buy an annuity, you must name an annuitant and a beneficiary. An annuitant is not the same person as a beneficiary by default that they can be the same person if you want them to be.
The person buying the annuity is the owner of the contract and can name his or her own beneficiary as well as the annuitant.
The annuitant’s life expectancy is used to calculate the size income payments. The beneficiaries will get the cash according to the terms of the contract.