Annuity contracts may be either single premium or installment premium. Single premium contracts require you to pay the company only one premium. Installment premium contracts are designed for a series of premiums. Others are scheduled premium contracts, which specify the size and frequency of your premiums. Annuity contracts may be either individual or group.
Individual contracts cover only one or two persons.
Group contracts cover a specified group of people. Annuity contracts may be fixed, variable, or a combination of both . The amount of each annuity payment is determined when payments begin. The amount of annuity payments also varies with the performance of the pool. Combination annuities allow you to put part of your premium in a fixed annuity and part in a variable annuity.