An
annuity in which the
annuitant selects a certain number of years during which he/she will receive
payments. For example, an annuitant may elect to receive annuity payment each month for 20 years. This allows the annuitant higher payments each month, but it is nevertheless less common than
life annuities, which provide payments for the remainder of the annuitant's life. Using period-certain annuities as retirement packages may appeal to persons who do not expect to live the full term of the annuity and/or persons who have another source of
income (such as another annuity) in retirement.