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It assumes the annuitant purchases the annuity for the ages from 55 to 70.
This means the annuitant would need to be over 70 years of age given the current rate of annuity interest.
If the annuitant chooses to cancel the annuity, he or she is guaranteed to receive a minimum payout.
This type of annuity can be set up so that the annuitant receives an income for life while being able to control the principal amount invested in the plan.
However, with an enhanced or impaired life annuity the worse the medical conditions the higher will be the income paid to an annuitant.