When Do Fixed Period Annuities Terminate? 
A fixed period annuity pays a monthly amount for a specified period of time . At the end of that time , the payments cease . This form is often used to fund a need covering a short period of time , such as the period before another stream of income starts . Lifetime annuities are also available which will pay for the remaining months of a persons life . Some lifetime annuities have a feature that allows that payments will be made to another party , should the annuitant die before the end of the period . 