The annuitant (insured) is similar to the insured in a life insurance policy. They are chosen by the owner to receive the income payments during the annuitization period. The annuitant’s life expectancy is used to determine the amount of the guaranteed payments. The annuitant must be an individual—a natural person—and cannot be a corporation or a trust. The annuitant does not have the power to make withdrawals, deposits, change the names of the parties to the agreement, or terminate the contract. They must also sign the annuity contract. The contract owner and the annuitant are frequently the same person.