LIFE ANNUITY
An insurance product with a continually periodic payout until as long as the annuitant is alive. This product are mostly used by retirees to help them budget their retirement money. The annuitant pays the annuity on a regular basis while the individual is still working. But the person purchasing it may also buy the product in one huge purchase. When the annuitant reached his or her retirement age, it makes periodic payouts to the recipient, usually monthly, that gives a reliable source of income. In the event of death, for example, the periodic payments from the annuity is normally cut.
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