Fixed-annuity meaning

An annuity in which payments to the annuitant are unchanging over a specified period or over the annuitant's lifetime.
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An annuity investment that guarantees a fixed payment for a specific period or for the life of the insured. Insurance companies sell annuities and assume the risk that the insured will live for a long time. In contrast, a variable annuity is an annuity for which payments depend on the return earned on investments and are uncertain.
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