annuity

Series of payments at fixed intervals, guaranteed for a fixed number of years or the lifetime of one or more individuals. Similar to a pension, the money is paid out of an investment contract under which the annuitant(s) depositcertain sums (in a lump sum or in installments) with an annuity guarantor(usually a government agency or an insurance firm). The amount paid back includes principal ...

Mrs. Bockris felt extremely frightened about her financial future as her lawyer explained that with the thirty years up, she would no longer receive herannuity payment from her late husband's company.