An annuitant is the person whose life expectancy determines the payment amounts and duration of an annuity contract—typically the person who will receive the annuity payments. While the annuitant is often also the contract owner (the person who purchased the annuity), these can be different people, especially in estate planning or when annuities are purchased as gifts.

Here's why the annuitant designation matters: when you purchase a lifetime annuity, the insurance company calculates payment amounts based on the annuitant's age, gender (in most states), and life expectancy. A 70-year-old annuitant will receive higher monthly payments than a 60-year-old who invested the same amount, because the insurance company expects to make payments for fewer years. If the annuity covers two lives (a joint and survivor annuity), both people are annuitants, and payments continue as long as either person lives.

The annuitant cannot be changed once the contract is established—it's a fundamental part of how the contract is priced and structured. If you're the annuitant and die, payments stop (unless the contract includes a survivor benefit or guaranteed period). Understanding who the annuitant is and how this affects your specific contract is important, especially for couples deciding between single-life and joint-life options, or in situations where the contract owner and annuitant are different people for estate planning purposes.