Definition of "Income for a Guaranteed Time Period Annuity"

An annuity income option that guarantees payments for a specific time period, usually from 5 to 30 years. If the annuitant dies before all payments have been made, then the owner (or beneficiary if the owner is deceased) will receive the balance of payments for the rest of the guaranteed period. You may be able to choose fixed or variable payments, depending on the annuity.