Insurance   A layperson's glossary of insurance terminology.

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ANNUITY
A life insurance product that pays periodic income benefits for a specific period of time or over the course of the annuitant's lifetime. There are two basic types of annuities: deferred and immediate: Deferred annuities allow assets to grow tax deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within about a year of purchase.
ALSO SEE: ANNUITY DEATH BENEFITS, ANNUITY CONTRACT OWNER, ANNUITY PURCHASE RATE, ANNUITY BENEFICIARY, PURE LIFE ANNUITY, QUALIFIED ANNUITY, INSURANCE COMPANY, VARIABLE ANNUITY, ANNUITY ISSUER, FIXED ANNUITY

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