Whole Life Annuity Due
Definition - What does Whole Life Annuity Due mean?
Whole life annuity due is a financial product offered by an insurance company that requires the annuitant to make payments at the start of each month, quarterly or annual period, instead of at the end. It is a type of annuity that entitles the annuitant to payouts during the distribution period for as long as the annuitant lives.
It is also known as an annuity due.
Insuranceopedia explains Whole Life Annuity Due
Annuities often serve as part of a retirement fund for the annuitant. The annuitant makes regular payments into it during what is called the accumulation period and later receives payouts during the liquidation period or annuitization. Unlike fixed-term options, whole life annuity due provides payment until the annuitant passes.
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