A contract requiring payment of an annual premium in exchange for the payment of a future stream of payments beginning at a specified age and continuing until death is

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This contract describes an annuity, which is a financial product designed to provide a stream of payments to an individual in exchange for a premium. The payments typically begin at a specified age, such as retirement, and continue for the remainder of the individual's life. An annuity is different from life insurance policies such as whole life insurance or term life insurance, which are designed to provide a death benefit to beneficiaries in the event of the insured's death.

A Contract Requiring Payment of an Annual Premium in Exchange