The accumulation phase refers to the period of a person’s life during which he saves money for retirement.
Accumulation occurs before the distribution phase when they retire and spend money.
The accumulation phase also refers to the period when the annuity investor begins to accumulate the monetary value of the annuity. (The annuitization phase, when payments are distributed, follows the accumulation period.)
The length of the savings phase will vary depending on when a person starts saving and when they plan to retire.
A deferred annuity is an insurance contract that promises to pay the buyer a regular income or a lump sum of money some day in the future. In contrast, immediate annuities start paying immediately.
Guaranteed death benefit is a benefit condition that guarantees that the recipient of the benefit will receive a death benefit if the recipient of the annuity dies before the annuity starts paying benefits.
The Guaranteed Minimum Savings Allowance (GMAB) is an optional element of an annuity that guarantees the payment of a minimum amount of an annuity after a holding period: accumulation or other specified period.
Guaranteed Minimum Income Benefit (GMIB) is an additional supplement to an annuity contract that guarantees a minimum level of payments after its annuity.
Living together with a last-earner annuity is an insurance product for a couple that provides for regular payments as long as one of the spouses is alive.
A survivorship annuity and joint annuity is an insurance product designed for married couples that continues to make regular payments as long as one of the spouses is alive.