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Annuity Definition

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// Annuity
A contract sold to you by an insurance company that guarantees to pay you a certain amount of money on a regular basis for the rest of your life or for the term of the contract.

// Death Benefit
Amount of money paid out to a beneficiary when the holder of the annuity dies.

// Floor
The minimum rate of interest that will be paid on your annuity. Usually negotiated with your provider.

// Rollover
The transfer of any money you have in an employer sponsored retirement plan or pension plan into another employer sponsored retirement plan.

// Surrender Value
The value after fees and charges are deducted should you surrender an annuity.

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