Glossary

Annuitant

The person whose life expectancy determines an annuity's payments; lifetime income is usually measured by that person's life.

The annuitant is the person whose life an annuity contract is measured by. When the contract is annuitized, the insurer uses the annuitant's age and sex (and, for a joint contract, a second annuitant's) to calculate income, and lifetime payments stop when the annuitant dies unless a period certain or survivor option applies. In life insurance terms, the annuitant plays a role similar to the insured.

The annuitant is often, but not always, the owner. Hypothetical example: a 70-year-old buys a deferred annuity, names herself owner, her husband as annuitant and their daughter as beneficiary. As owner she controls the contract — withdrawals, changes and surrender — while her husband's life determines the payouts.

The distinction matters most at death. Some contracts are "annuitant-driven," paying the death benefit when the annuitant dies, while others are "owner-driven," paying when the owner dies. If the owner and annuitant are different people, the death of one can force a payout, a tax bill or the loss of guarantees the family did not expect. Review how roles are named with the insurer or an adviser; annuity beneficiaries and inherited annuity options and what happens to an annuity when you die explain how each structure plays out, and joint and survivor annuity covers two-life contracts.

Last reviewed October 4, 2026

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Related terms

Annuity A contract with a life insurer that grows savings tax-deferred, turns them into guaranteed income, or both, in exchange for one or more payments. Annuitization Converting an annuity's account value into a stream of guaranteed payments for life or a set period, usually giving up access to the lump sum. Joint and survivor annuity An annuity that pays income for as long as either of two people lives, often at a reduced amount after the first death, such as 50% or 100%. Policy owner The person or entity that controls a life insurance contract: it names beneficiaries, pays premiums and can borrow against, assign or surrender it. Beneficiary The person, trust, charity or estate named to receive a life insurance death benefit or an annuity's remaining value when the insured or owner dies.

Related guides

Annuity beneficiaries and inherited annuity options What a beneficiary can do with an inherited annuity: lump sum, spousal continuation, 5-year or stretch payouts for non-qualified, 10-year rule for qualified. What happens to an annuity when you die How death benefits work before and after payouts begin, what beneficiaries receive, how the money is taxed, and which payout options leave nothing behind. What is an annuity and how does it work? An annuity is an insurance contract that trades a sum of money for income, now or later. How the types work, what they cost, and who they suit and don't.