fixed annuity
noun[C]
INSURANCEukus(alsofixed-rate annuity)anannuity(=contractsomeoneagreeswith aninsurancecompanyto bepaidanamountofmoneyregularly)for which thepaymentamountremainsthe same for theperiodof theannuity:
At themoment, mostretiredpeoplewhowanttotopuptheirSocialSecurityincomeprefertobuyfixed-rateannuities.
See also
annuity