What is the term for the payout period of an annuity during which the annuitant receives periodic income payments?

The term for the payout period of an annuity during which the annuitant receives periodic income payments is known as the annuity period. This phase specifically refers to the time frame in which the insurance company distributes the funds accumulated in the annuity to the annuitant, typically on a monthly, quarterly, or annual basis. During this period, the annuitant receives income based on the amount invested, the length of the payment period, and the terms of the annuity contract.

Understanding this term is crucial as it differentiates between the accumulation phase (where the money is invested and grows) and the payout phase, highlighting the transition to receiving income. In contrast, other terms like annuity payout options refer to the various ways payments can be structured, while annuity phase is a less precise term that could refer to either accumulation or payout phases. Annuity termination merely indicates the end of the annuity contract, rather than the specific period of receiving payments.