Which term is used to define the period during which an annuitant makes payments into an annuity?

The term used to define the period during which an annuitant makes payments into an annuity is known as the accumulation period. During this time, the annuitant contributes funds to the annuity, and these contributions, along with any interest or investment earnings, accumulate over the years before the annuitant begins receiving payouts.

The accumulation period is essential because it allows individuals to build their retirement savings or create a future stream of income. The longer the accumulation period, usually, the greater the value of the annuity at the time of annuitization, allowing the individual to potentially receive a higher monthly payout when they choose to start withdrawing money.

The other terms listed do not accurately describe this specific phase. For example, the loading period typically refers to the time associated with policy fees or charges and is not related to the accumulation of funds. The premium building period is not a standard term in annuities, and the annuity period generally refers to the phase after the accumulation period, when the annuitant begins to receive payments.