What is the term for the annuity that continues payments to a beneficiary until the total amount equal to the contract value has been paid after the annuitant's death?

The term for the annuity that continues making payments to a beneficiary until the total amount equal to the contract value has been fully disbursed after the annuitant's death is known as an installment refund annuity. This type of annuity ensures that if the annuitant passes away before receiving payments equivalent to the total premium paid, the remaining balance will be paid out to a designated beneficiary in the form of regular installments. This not only provides a safety net for the policyholder but also supports their beneficiaries by guaranteeing that the full value of the contract is ultimately received.

Other types of annuities, such as immediate annuities, fixed annuities, and qualified annuities, serve different purposes or have different payout structures. An immediate annuity begins payments almost right away after the initial premium, a fixed annuity provides guaranteed returns over time without focusing on payment guarantees to beneficiaries, and a qualified annuity is typically funded with pre-tax dollars but doesn’t specifically address the issue of survivor benefits in the way an installment refund annuity does.