Annuities

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Fixed Annuity.

An annuity that provides that the annuitant will receive a fixed payment during the period of the annuity.

Fixed Dollar Annuity.

Guarantees a fixed, minimum dollar payout, during each payout period.

Flexible Premium Annuity.

An annuity that allows the contract holder to vary the amount of the premium payment, or stop payments and resume payments at will. A flexible premium annuity is used to fund IRA and Keogh retirement plans because it allows the amount of premium to change as wages change.