The future value of an annuity is a way of calculating the monetary value of a series of payments at some point in the future.
In contrast, the present value of an annuity measures how much money it will take to make a series of future payments.
With a regular annuity, payments are made at the end of each agreed period. With an annuity payment, payments are made at the beginning of each period.
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.