What is an Annuity? An annuity is a contract between you and an insurance company that allows your earnings to grow and compound tax-deferred. This is a powerful benefit that you can use to help you accumulate wealth for your retirement or other long-term financial goals. The word "annuity" literally means "annual payments". When you buy an annuity, the insurance company agrees to pay you an income for a specified period of time. Whether these income payments start right away or at some future date, determines what type of annuity you have: either deferred or immediate.

  

  

  

  

  

  

  

  

  

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Rupp’s Insurance & Risk Management Glossary T, CRH

English

Richard V. Rupp, CPCU / NILS Publishing Company (USA)

12

Last updated 12/2001

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