Pure Annuity

Definition of "Pure annuity"

Contract sold by insurance companies that pays a monthly (quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant). The annuitant can never outlive the income from the annuity. Upon the death of the annuitant all income payments cease. There are no beneficiary benefits under this type of annuity. Contrast with refund annuity.

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