The act of turning a sum of money into a stream of income. All annuities come with the option to annuitize, but for some it is the key feature of the annuity, and others it’s an option at maturity. The former is true for income annuities – SPIAs and DIAs – which exist purely for annuitizing your premium right away or in the future. For accumulation annuities – MYGAs, VAs, and FIAs – you have the option to annuitize at the end of the contract.