Who is the person to whom an annuity is payable?

The annuitant is the individual designated to receive payments from an annuity contract. This term specifically refers to the person whose life expectancy is used to determine the payout schedule and amount of benefits from the annuity. The payments may vary based on the terms of the annuity and the annuitant's age and life expectancy at the time of annuitization.

In the context of annuities, the beneficiary is another important term, but their role is different. A beneficiary is the person who would receive the annuity benefits in the case of the annuitant's death before the completion of the payout period. The policyholder is the individual who owns the annuity contract. While they may also be the annuitant, it is not always the case, especially in contracts where the annuity is purchased for someone else. Lastly, the insured refers to the individual covered by a life insurance policy and does not apply to annuities, which are related to savings and investment rather than an insurance product tied to a specific individual’s life for coverage.