contingent annuity

Contingent Annuity

An annuity that does not begin making payments to the annuitant or the beneficiary until a certain stated event occurs. Annuities that do not begin payments until an individual's retirement or death are common examples.

contingent annuity

A series of payments scheduled to begin at the time of a specified event. For example, an individual's death may set in motion an annuity payable to a designated person or organization.