What does term certain mean?
If you decide to annuitize your contract, one of your options may be to receive payments for a term certain. This means that the insurer will make payments to you at regular intervals for a stated period of years — five, ten or twenty years, or whatever term is allowed by the annuity. You will receive payments for the entire term. If you should die before receiving all payments, your beneficiary will receive the payments remaining. However, once all payments have been made and the term is completed, the contract ends and you or your beneficiary will receive no more payments.
