This weekend I visited my family back in Cincinnati and got to meet my Dadâs new iPad for the first time. I donât have enough money for this fancy technology so Iâve never really used an iPad before.
Deferred Annuities. A deferred annuity grows tax deferred until the contract is annuitized (put into a payment stream) or surrendered (paid out as a lump sum). This type of annuity is a vehicle for accumulating savings for a future goal, such as retirement, and eventually distributing the value.
II. Types of Contracts There are two types of deferred annuity contracts: annuitant-driven contracts and owner-driven contracts. An annuitant-driven contract is often an older contract whosecontractual benefits (e.g., enhanced death benefit) are paid upon the death of theannuitant.