This is a rating structure under which the annuity's premium level remains the same throughout the life of the policy. Those who choose to make fixed periodic level payments will pay equal premium amounts at regular intervals. Payments continue either until benefits begin, or some other specified date. A periodic level premium annuity is always deferred because its benefits begin at a future date.
The contract might specify a guaranteed benefit amount received when the distribution phase begins. However, if the company's earnings are higher than anticipated, the owner could receive a larger benefit than guaranteed in the contract.
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