annuity incomes in the 1800's

[melody]

Hello there,
I am seeking to understand how annuities worked in the 19th cent. I have a couple of ancestresses who are listed as widows and annuitants. One is an annuitant in 1881 but not in1891. Perhaps the 1891 enumerator just didn't record it or perhaps the annuity ended. How did these things work? Would it of been some sort of insurance policy that their husbands had purchased to support the wife in the event of their deaths? Or did these relatively poor people have some assets that where managed and a regular 'pension' paid out to their spouses? (He was a shoemaker.) Or maybe I'm not even in the ballpark. As usual, your kind help is most appreciated.
Melody

[sheilajim]

Hi Melody

I have a multi-great Aunt that had one of those mysterious annuities in the 1800's also. So far I have not been able to find out where it came from. Sorry not to be of any help, but I hope that you have more success in finding out where it came from than I have had to date with mine.

Regards

[joette]

Add me to the list I have one who is an annuitant in the 1841 Census(My GGGgreatgranny) her husband was a shepherd so am not sure where the money came from.
Her Granddaughter(my GGreat-Granny's sister's daughter) was the proprietor of an Inn when she wed aged 18 in 1850's so money obviously around.
Also my Great-Granfather & his siblings were supposed to have been didled out of money by an"Uncle" when their parents died.Again the origins of the money is a mystery or just a family tale.Their Granny/cousin obviously had some source of money but where it came from is a ??.Christina Campbell I think may have been illegitimate & her Father could have set her up in buisness I suppose especially as her Mother was now dead.

[LesleyB]

Hi
My understanding of an annuitant from those in my tree is that they are usually someone living on an allowance given by a family member or living on money left by a relative.
e.g an estranged wife still sent money by her husband or a person (usually female in my tree...) living on an allowance which has been stated in the will of a relative, often paid twice yearly.

However, it may also refer to someone living on an income from an insurance policy or a friendly society:

History of Annuities
Annuities were developed in Scotland in the early 1800s and made their way to America late in the century. Annuities were originally developed to provide a method for distributing the proceeds from life insurance policies.
The early annuities were, quite simply, a stream of equal payments spread over the lifetime of the recipient. The feature that made annuities unique was that the payments could be guaranteed for as long as the recipient lived; no other investment could do that.
Consider this example of the usage of an annuity: if a spouse died and left a life insurance settlement to provide for his or her spouse, an annuity could be used to guarantee that the income would be available for the remainder of the spouse’s life, regardless of how long he/she lived. Even today, annuities are the only investment available that can guarantee a lifetime income.
https://www.uvest.com/phoenix/indv/indv ... =ar1&c=174

There is other info here:
http://gdl.cdlr.strath.ac.uk/haynin/haynin0606.htm

Annuitant: Non-working person receiving an annual income or pension
http://www.scotsfamily.com/occupations.htm

Annuitant - The term annuitant could describe someone on an annual allowance as well as someone receiving annual income from an investment. Often however, it was also used for institutionalized pensioners.
http://www.censusuk.co.uk/faq.htm

Annuitant: A person who receives an annuity, a guaranteed payment made yearly, either for life or for a specified number of years.
http://www.family-tree.co.uk/abm-publis ... terms.html

If someone is stated as an annuitant I reckon it may not be possible to find out where that money was coming from unless you can find evidence of an insurance policy or a find mention of it in a will, for instance.

Maybe someone with more grasp on financial history may be able to shed some more light on it!

Best wishes
Lesley

[melody]

Hello Leslie,
Thanks for the great info! This is really helpful. And thanks too to Sheila and Joette for your interesting replies. I never fail to get help from this great websight-thanks again!

Melody

[DavidWW]

Another aspect to consider.

If the annuity wasn't for a pre-set period it could also be the case that it ceased on the death ofthe person paying it.

David