DEFERRED ANNUITY, a periodic fixed money payment, generally arranged on an annual, semi-annual or quarterly basis, but upon which payments do not begin until the expiration of a certain time or the occurrence of some certain event. It is quite customary for insurance companies to sell deferred annuities whose payments begin when the beneficiary reaches a certain age, often 65 years or more. The deferred annuity may continue for a stipulated number of years, or for a specified number of payments (a deferred certain annuity) ; it may be continued for an uncer tain period (a deferred contingent annuity) ; or may be continued during a person's lifetime (a deferred life annuity) . (See ANNUITY. )