Definition

Noun: A person who receives an annuity, which is a fixed sum of money paid to someone each year, typically for the rest of their life or for a specified number of years.

Usage

The term "annuitant" specifically identifies the individual who is entitled to receive the regular payments from an annuity contract or financial product. It is a formal term used in finance, insurance, and legal contexts.

Examples

• The annuitant will receive monthly payments starting at age 65.
• Upon the death of the primary annuitant, the payments may continue to a surviving spouse.
• The contract clearly states the rights and obligations of the annuitant.

Advanced Usage

• Joint Annuitants: Refers to an annuity contract that provides income for two people, typically spouses. Payments continue until the death of the last surviving annuitant.
  • They purchased a joint annuity, making both husband and wife joint annuitants.
• Contingent Annuitant: A secondary person named to receive annuity payments if the primary annuitant dies before the payments begin or under other specified conditions.
  • She named her daughter as the contingent annuitant on her retirement annuity.

Variants and Related Words

• Annuity (n): The financial product itself; the series of payments.
  • He used his pension lump sum to buy an annuity.
• Annuities (n, plural): The plural form of annuity.

Synonyms

• Pensioner: A person who receives a pension, often from a former employer or the state. (Note: While similar, a pensioner is not always an annuitant, as pensions can be structured differently.)
• Beneficiary: A person who derives advantage from something, especially a trust, will, or insurance policy. (This is a broader term that can include an annuitant.)
• Recipient: A person who receives something. (This is a very general term.)

Noun

1. the recipient of an annuity