An annuitant is someone who receives regular payments from an annuity contract. An annuity is a financial product that provides a fixed income stream for a specific period or for the rest of an individual’s life. This article will delve into the definition and meaning of an annuitant, its origin, associations, synonyms, antonyms, and example sentences.
Definitions
An annuitant is an individual who receives regular payments from an annuity contract. The payments can be made for a fixed period or for the rest of the annuitant’s life. An annuity contract is an agreement between an individual and an insurance company, where the individual pays a lump sum or a series of payments in exchange for regular payments from the insurance company.
Origin
The term annuitant comes from the Latin word “annuus,” which means “yearly.” The word annuity is derived from the same Latin word. Annuities have been around for centuries, with the first recorded annuity contract dating back to the Roman Empire.
Meaning in different dictionaries
According to the Merriam-Webster dictionary, an annuitant is “a person who receives an annuity.” The Oxford English Dictionary defines an annuitant as “a person who receives an annuity, especially one paid by the government.”
Associations
An annuitant is typically associated with retirement planning and financial security. An annuity contract can provide a steady income stream for individuals who have retired or who are nearing retirement. An annuity can also be used to fund long-term care or to provide for beneficiaries after an individual’s death.
Synonyms
Synonyms of annuitant include annuity recipient, annuity holder, and annuity payee.
Antonyms
Antonyms of annuitant include annuity provider, annuity issuer, and annuity seller.
The same root words
The same root words as annuitant include annuity, annuitize, and annuity factor.
Example Sentences
- John is an annuitant who receives monthly payments from his annuity contract.
- The annuitant’s payments will continue for the rest of her life.
- An annuitant can choose between a fixed or variable annuity.
- The annuitant’s beneficiaries will receive the remaining payments after her death.
- The annuitant’s payments are guaranteed by the insurance company.