What is a social security fixed annuity?

Individual annuity is a kind of annuity insurance. An insurance policy only covers one person. After the insured pays the annuity premium, the insurer pays a fixed amount of annuity to him regularly after the payment period begins. When the insured dies and the annuity insurance contract is terminated, his heirs have no right to continue to receive the annuity.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.