An annuity is a contract between you and an insurance company that gives you a guaranteed income for life. A fixed sum of money paid to you each month or each year, typically for the rest of your life.
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Each annuity has its own characteristics, but the overall accepted meaning of the word annuity, is a payment guaranteed for a certain period or for life or for life with a minimum income period.
This video What is an annuity? gives you a general idea of what an annuity will do for you. Perhaps the greatest attraction is the security of a permanent income a ” Paycheque for Life” or “Money for Life“.
A simple way to understand what is an annuity is to use or annuity calculator to calculate what your monthly income would be.