1. Individual who receives annuity payments. 2. Person whose lifetime is used as a measurement for establishing the length of time benefits are payable under a life annuity.

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See: Annuity.

Contract that provides an income for a specific number of years, regardless of life or death.

Payment, or one of the regular periodic payments, an annuitant makes for an annuity.

Time between each benefit payment in an annuity contract.

Ownership shares in a variable annuity’s separate account fund after the accumulation period ends. Annuity units are purchased with accumulation units and are used to establish benefit payment amounts. See also accumulation units.