When does a fixed deferred annuity contract provide a death benefit?

A fixed deferred annuity contract provides a death benefit primarily during the accumulation period, which is the time before the annuitant begins to receive payments from the annuity. If the contract owner or annuitant dies during this period, the death benefit is payable to the designated beneficiary. This benefit typically equals the total premiums paid, or a certain minimum accumulation based on the contract terms.

In contrast, once the payout period begins, the focus shifts from accumulating funds to distributing funds, and the death benefit generally does not apply. The end of the contract term is also not relevant for triggering a death benefit, as any benefits would have been settled prior to that. Additionally, missing premium payments does not automatically trigger a death benefit; rather, it could lead to a lapse of the contract or other consequences based on the terms of the annuity. Thus, the correct understanding of the fixed deferred annuity's death benefit aligns with the context provided, focusing on the accumulation period and the implications of death during that time.