A long-term contract between an annuitant and an insurance company for which the annuitant pays a lump sum premium payment to the insurance company in exchange for a stream of guaranteed monthly income payments for life or a specified fixed period of time. An Immediate Income Annuity provides income immediately after the premium is received; typically within 30 days from the date of deposit, however, the annuitant can choose to defer payments for up to 12 months after the date of purchase.

A long-term contract between an annuitant and an insurance company for which the annuitant pays a lump sum premium payment to the insurance company in exchange for a stream of guaranteed monthly income payments for life or a specified fixed period of time. A Deferred Income Annuity enables the annuitant to defer payments for a duration of 13 months to 40 years. Prior to the income start date the death benefit would be return of premium. After the income start date the death benefit is determined by the annuity type selected at the time of purchase.

Beginning on the income start date (the date of the first payment) a monthly payment will be made to the annuitant for his or her lifetime. Upon the annuitant's death, all payments cease. There is no death benefit.

Beginning on the income start date (the date of the first payment) the annuitant will receive a monthly payment for his or her lifetime. If the annuitant dies before the end of the fixed period they selected upon purchase, (5, 10, 15 or 20 years), their designated beneficiary will continue to receive monthly payments until the end of that fixed period. If the annuitant dies after the end of the fixed period, there is no death benefit.

Beginning on the income start date (the date of the first payment) the annuitant and joint annuitant will receive a monthly payment for life. If the annuitant dies first, the joint annuitant will continue to receive a specified percentage (50%, 66.67%, 75% or 100%) of the annuitant's monthly payment for the remainder of his or her lifetime. If the joint annuitant dies first, the annuitant continues to receive their designated monthly payment, unchanged, for the remainder of his or her lifetime. There is no death benefit after both the annuitant and joint annuitant die.

Beginning on the income start date (the date of the first payment) the annuitant and joint annuitant will receive a monthly payment for life. If the annuitant dies before the end of the fixed period they selected upon purchase (5, 10, 15 or 20 years), the joint annuitant will continue to receive full monthly payments until the end of that fixed period. At the end of the fixed period selected, the joint annuitant will continue to receive the specified percentage selected upon purchase (50%, 66.67%, 75% or 100%) of the annuitant's monthly payment for the remainder of his or her lifetime. If the joint annuitant dies first, the annuitant continues to receive their designated monthly payment, unchanged, for the remainder of his or her lifetime. If both the annuitant and joint annuitant die before the end of the fixed period, the designated beneficiary receives full monthly payments for the remainder of that fixed period.