Definition of "Annuitize"

The series of payments from the capital that has built up in an annuity. The payments may be a fixed amount, or for a fixed period of time, or for the lifetimes of one or two annuitants.

To convert the account balance under a deferred annuity contract into a stream of income, either for one or more lifetimes or a specific period of time. Converting the value of an annuity contract into a stream of income payouts.