Payments must be made according to a fixed premium schedule for which type of annuity?

Level premium deferred annuities require payments to be made according to a fixed premium schedule. This means that the annuitant agrees to pay a predetermined amount of money at regular intervals, typically monthly or annually, over a specified period of time or until the policy matures. The "level" in the name indicates that the premium amount remains constant throughout the payment period, providing certainty and predictability for both the annuitant and the annuity issuer.

This structure is beneficial for those looking for a straightforward savings and investment vehicle that guarantees a specific payout upon maturity or at a future date. It contrasts with other types of annuities that may allow for varying payment amounts or a different approach to payment contributions, such as flexible options or variable returns that fluctuate based on market performance.