What is an Annuitant?
In a Life Annuity/Straight Life contract, an “annuitant” is an individual whose continued life will be used in determining how long the annuity payments will continue to be paid. Technically, the annuitant may or may not be the “beneficiary” (or payee) of the contract who receives payments guaranteed under the contract. However, in most annuity contracts, including defined benefit pensions, the annuitant(s) and beneficiary(s) are the same person or persons. In many defined benefit retirement pensions, both a worker and his or her spouse are both annuitants and beneficiaries. The “owner” of the annuity contract may be still another person or business unit. (See Settlement Annuity.
In a Life Annuity/Straight Life contract, an “annuitant” is an individual whose continued life will be used in determining how long the annuity payments will continue to be paid. Technically, the annuitant may or may not be the “beneficiary” (or payee) of the contract who receives payments guaranteed under the contract. However, in most annuity contracts, including defined benefit pensions, the annuitant(s) and beneficiary(s) are the same person or persons. In many defined benefit retirement pensions, both a worker and his or her spouse are both annuitants and beneficiaries. The “owner” of the annuity contract may be still another person or business unit.
