An annuity is just the opposite of life insurance. Life insurance is the systematic accumulation of an estate that is used for protection against financial loss resulting from premature death. In contrast, annuities are a means of securing a steady cash flow during retirement. The period in which the premiums are paid toward the purchase of an annuity is called the ). Interest is earned between the time annuities are. with after-tax dollars. If any portion of the principal and interest has not been returned, it is referred to as the benefit. only one possible answer for each term.)