To convert the account balance under an annuity contract into a stream of income, either for a lifetime or specified period of time.
To convert the accumulated values in a deferred annuity to periodic income payments to the annuitant. Return to Previous
The series of payments from the capital that has built up in an annuity. The payments may be a fixed amount, or for a fixed period of time, or for the lifetimes of one or two annuitants. See: Annuitant; Annuity; Deferred Annuity; Fixed Annuity; Immediate Payment Annuity; Variable Annuity
Converting contract value into a steady stream of income.
To convert the accumulated value of an annuity into a stream of income by electing to start receiving regular payments, either for one or more lifetimes or a specific period of time.
The act of changing a deferred annuity into an annuity that provides regular payments. An occasional withdrawal may be made from a deferred annuity without annuitizing it. See Annuity and Deferred annuity.
To convert the account balance under a deferred annuity contract into a stream of income, either for one or more lifetimes or a specific period of time.