Direct answer
The annuitant is the person upon whose life the annuity payments are based, meaning the insurance company calculates the payout duration or amount according to that individual’s life expectancy. While the annuitant is often the same person as the policy owner, they can be different individuals depending on the specific annuity contract structure.
Standard annuity contract provisions as defined by state insurance departments and actuarial guidelines. For additional information about how state insurance regulators oversee annuity contracts, see the National Association of Insurance Commissioners.
What this means for you
The annuitant is the person upon whose life the annuity payments are based, meaning the insurance company calculates the payout duration or amount according to that individual’s life expectancy. While the annuitant is often the same person as the policy owner, they can be different individuals depending on the specific annuity contract structure.
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