Annuities are insurance contracts that help people to protect themselves from the risk that they will outlive their money (known as longevity risk). An annuity provides guaranteed income for life (a life annuity) in exchange for a lump-sum investment. Some life annuities (joint and survivor annuities) cover two people so the surviving spouse can continue to receive guaranteed income after one spouse’s death.

Various guarantees can be added to an annuity contract, including a cash refund option. This insures that, should the annuitant die prematurely, beneficiaries will receive a lump-sum payment equal to the difference between the payments received and the original investment amount.

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