An annuity payment is an annuity that must be paid immediately at the beginning of each period.
An annuity payment can be contrasted with a regular annuity where payments are made at the end of each period.
A typical example of an annuity payment is the rent paid at the beginning of each month.
An example of a regular annuity is loans such as mortgages.
The present and future value formulas for an annuity due are slightly different from the formulas for a regular annuity as they take into account the difference in when payments are made.
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.