Who is referred to as the annuitant in an annuity contract?

In an annuity contract, the annuitant is defined as the individual who receives the benefit payments. This is the person whose life is used as the basis for the annuity's payout and who will get the scheduled distributions, typically during retirement or according to the terms of the contract. The annuitant may or may not be the same person who purchased the annuity; however, the key role of the annuitant is to be the individual designated to receive financial benefits from the contract.

The other roles mentioned are significant but pertain to different aspects of the annuity. The purchaser of the annuity is not necessarily the one who will receive payments. The beneficiary is typically someone designated to receive benefits upon the death of the annuitant, not the recipient of ongoing payments. The insurance agent is involved in facilitating the purchase of the annuity but does not play a direct role in the benefit payments from the contract. Understanding these distinctions clarifies the specific responsibilities and entitlements connected to each role in an annuity contract.