The annuitant is the person who receives an annuity or proceeds of a segregated fund on death or on the maturity of the contract. Annuities are the reverse of life insurance. You give the life insurance company a lump sum of money and then they pay you a set amount of money, usually on a monthly basis.

The annuitant has a contract which provides an income for a specified period of time. That time period can be a set amount of years or for a lifetime.

Talk to you agent or broker about what type of policy is best for you.