Accelerated Death Benefits A benefit of some life insurance policies that provide payments to policy holders who have a long-term, catastrophic or terminal illness while the policy holder is alive. Accelerated death benefit provisions vary from insurance policy to insurance policy and from company to company. Also know as “living benefits.” Accumulated Value The full value of the annuity contract, principal plus gain. Annuitant The individual on whose life the annuity is based and generally the person receiving or entitled to the annuity payments. Annuitization When an annuity begins to pay out periodic income payments. Annuity A tax-deferred contract that […]