an·nu·i·ty:
contract sold by insurance companies that pays a monthly (or quarterly,
semiannual, or annual) income benefit for the life of a person
(the annuitant), for the lives of two or more persons, or for
a specified period of time. All annuities have three primary advantages:
Tax Deferral, Avoidance of Probate, and a Guaranteed Income (optional)
for a fixed period of time, or income for life.
