A variable annuity provides payments to an annuitant over a period of years. His widow is given a lump sum payment upon his passing. Variable unit refund annuity was the type of annuity.
Depending on the annuity, payments may continue to be made to a partner or other annuity recipient for years after the "annuitant" has passed away with some annuities.
A unit refund annuity is one in which, upon the annuitant's passing, the beneficiary is given a lump sum payment equal to the value of the remaining annuity units. An instalment refund annuity is one in which the beneficiary received the value of the remaining annuity units over time.
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