Context matters. A federal retirement annuity and an insurance annuity are different things. A short definition helps you start the conversation; the applicable program rules and policy documents control the details.
A
- Annuitization
Converting annuity contract value into a series of payments under a selected payout arrangement.
What to confirm: Compare duration and survivor provisions.
- Annuity: federal retirement
A recurring federal retirement benefit. This usage refers to a pension, rather than a private insurance contract.
What to confirm: Identify the system and retirement category.
- Annuity: insurance contract
An insurance contract that can accumulate value or provide income under its terms.
What to confirm: Ask when income begins and how access is restricted.
B
- Beneficiary
A designated recipient of a benefit. Programs and policies maintain separate beneficiary records.
What to confirm: Review each designation separately.
NAIC: life insurance consumer guide. Explore the related topic.
- Benefit period
The period during which a policy may pay benefits, subject to its conditions.
What to confirm: Check duration and termination provisions.
Texas Department of Insurance: disability insurance. Explore the related topic.
C
- Cash value
Value that may accumulate in certain permanent life policies, distinct from the death benefit.
What to confirm: Ask about charges, loans and current values.
Texas Department of Insurance: life insurance. Explore the related topic.
- Contingent beneficiary
A backup beneficiary who may receive benefits when a primary beneficiary cannot.
What to confirm: Check the applicable order and designation.
NAIC: life insurance consumer guide. Explore the related topic.
- Conversion
A provision that may permit a change to another form of coverage under stated conditions.
What to confirm: Confirm deadlines, available coverage and premiums.
California Department of Insurance: life insurance. Explore the related topic.
- Critical illness insurance
Supplemental coverage with specified diagnoses and benefit conditions. A serious illness does not automatically qualify.
What to confirm: Read the applicable definitions and exclusions.
Texas Department of Insurance: critical illness policy checklist. Explore the related topic.
- CSRS: Civil Service Retirement System
A federal retirement system with rules that differ from FERS.
What to confirm: Confirm which coverage applies to your service.
D
- Death benefit
A benefit payable after an insured person's death when policy requirements are met.
What to confirm: Check beneficiaries and claim requirements.
NAIC: life insurance consumer guide. Explore the related topic.
- Deferred federal retirement
A category for certain former employees who leave before immediate retirement eligibility and receive benefits later.
What to confirm: Verify eligibility and separate insurance consequences.
- Disability insurance
Coverage that may replace part of income when a covered disability prevents work under policy definitions.
What to confirm: Compare definitions, limits and waiting periods.
Texas Department of Insurance: disability insurance. Explore the related topic.
E
- Elimination period
A waiting period before benefits may become payable under a disability policy.
What to confirm: Confirm what starts the clock.
Texas Department of Insurance: disability insurance. Explore the related topic.
- Exclusion
A provision describing a situation, condition or cause a policy does not cover.
What to confirm: Read it alongside other limitations.
Texas Department of Insurance: life insurance. Explore the related topic.
F
- FEDVIP: Federal Employees Dental and Vision Insurance Program
A dental and vision coverage program for eligible participants.
What to confirm: Check current enrollment and retirement rules.
- FEGLI: Federal Employees' Group Life Insurance
The federal group life insurance program administered by OPM.
What to confirm: Verify your current election and continuation rules.
- FEHB: Federal Employees Health Benefits
The federal health benefits program, with its own plan, enrollment and continuation rules.
What to confirm: Use current OPM information and plan brochures.
- FERS: Federal Employees Retirement System
A federal retirement system combining a basic benefit, Social Security and TSP savings.
What to confirm: Verify your coverage and service record.
- Free-look period
A limited time to review and return a new policy under applicable rules.
What to confirm: Confirm the deadline and return procedure.
California Department of Insurance: life insurance. Explore the related topic.
- Full retirement age: Social Security
The Social Security age used in determining an unreduced retirement benefit.
What to confirm: Distinguish it from federal minimum retirement age.
Social Security: retirement benefits. Explore the related topic.
H
- High-3 average salary
A pay average used in calculating certain federal retirement benefits.
What to confirm: Ask your agency to verify the calculation.
I
- IRMAA: income-related monthly adjustment amount
An additional amount that can apply to Medicare Part B and prescription drug premiums based on income.
What to confirm: Use the current notice and review process.
Social Security: Medicare premiums. Explore the related topic.
L
- Lapse
The ending of coverage when required policy conditions, such as payment requirements, are unmet.
What to confirm: Check notices, grace periods and reinstatement.
California Department of Insurance: life insurance. Explore the related topic.
M
- Medicare
A federal health insurance program with distinct parts, eligibility rules and enrollment steps.
What to confirm: Identify the part and enrollment situation.
- MRA: minimum retirement age
An age used in FERS eligibility, determined by birth year.
What to confirm: Distinguish it from Social Security and Medicare ages.
P
- Permanent life insurance
Life insurance intended to continue beyond a fixed term when policy requirements are met.
What to confirm: Review premiums, values and coverage conditions.
- Policy owner
The person or entity holding ownership rights under a policy.
What to confirm: Confirm who controls changes and receives notices.
Texas Department of Insurance: life insurance. Explore the related topic.
- Postponed FERS retirement
Delaying commencement of an eligible MRA plus 10 annuity.
What to confirm: Verify the category and insurance consequences.
The payment required for insurance coverage under its contract.
What to confirm: Check frequency and possible payment changes.
- Primary beneficiary
A beneficiary designated first in line to receive a benefit under the applicable rules.
What to confirm: Review designations after family changes.
NAIC: life insurance consumer guide. Explore the related topic.
- PSHB: Postal Service Health Benefits
The postal health benefits program within FEHB, with its own eligibility and coordination provisions.
What to confirm: Check current postal-specific information.
R
- Rider
A provision that adds to or changes coverage under an insurance contract.
What to confirm: Ask which features are included or optional.
- RMD: required minimum distribution
A minimum withdrawal required from certain retirement accounts when applicable tax rules require distributions.
What to confirm: Confirm account type, timing and beneficiary rules.
IRS: required minimum distributions. Explore the related topic.
- Roth account contributions
Retirement contributions with tax treatment different from traditional pre-tax contributions.
What to confirm: Check current plan and qualified-distribution rules.
S
- Surrender charge
A charge that may apply to annuity withdrawals or surrender during a stated period.
What to confirm: Compare the schedule and any exceptions.
- Survivor annuity
A recurring retirement benefit payable to an eligible survivor under program rules and elections.
What to confirm: Review pension and life insurance separately.
T
- Term life insurance
Life insurance covering a specified period under its policy terms.
What to confirm: Check renewal and conversion provisions.
NAIC: life insurance consumer guide. Explore the related topic.
- TSP: Thrift Savings Plan
The retirement savings plan for eligible federal employees and uniformed service members.
What to confirm: Use official resources for account questions.
SEC and TSP: retirement education. Explore the related topic.
U
- Underwriting
An insurer's process for evaluating applications under its eligibility and risk rules.
What to confirm: Ask which information and conditions apply.
California Department of Insurance: life insurance. Explore the related topic.
Need a fuller explanation? Browse the learning center or read our approach to sources and corrections.