From time to time my life insurance agency refers potential clients to me who need to make a decision with an existing life insurance or annuity contract and are no longer in touch with the agent who sold them the contract. This happened recently with an older retired couple who received a letter from their life insurance company informing them that their annuity contract was maturing in a couple of months.
By way of background, all annuity contracts have a maturity date. In the case of a deferred fixed income annuity, the maturity date is the last date on which you can begin receiving payments from your annuity. Older contracts tend to have a maturity date that's a fixed number of years from the date the contract was issued. Newer contracts usually define the maturity date based on the annuitant's age, e.g., age 90.