Group Annuity
Updated: 29 February 2024
What Does Group Annuity Mean?
A group annuity is an annuity with multiple annuitants. They are often created for employees who work at the same company and can be used to create a fixed income for retirement.
Many life insurance companies offer group annuities as a part of their life insurance policies.
Insuranceopedia Explains Group Annuity
Group annuities are funded by premiums paid by the group of annuitants. The premium amounts are determined by the size of the annuity and the agreement the group has made with the life insurance company.
Typically, annuitants don’t begin receiving payments from the annuity until they retire.
Related Definitions
Related Terms
Related Articles
Employee Benefits: What’s in it for the Employer?
The Future of Insurtech: How Technology is Transforming the Insurance Industry
Inside the Details of Auto Transport Insurance: An Expert Interview
Expert Insights: The Ins and Outs of Moving Insurance
Interview With Todd Taylor On Strategizing Large Group Health Insurance
Future Trends in Pain Management Billing and Insurance: Adapting to Change
Related Reading
Mental Health Statistics
Workers Compensation Statistics
Life Insurance Beneficiary Rules
What Is Temporary Life Insurance?
Revealing the Most And Least Popular U.S. Insurance Companies
More People Killed By Animals In Texas Than Anywhere Else In The U.S.