Who is typically responsible for making purchase payments in an individual annuity?

In an individual annuity, the owner is responsible for making purchase payments. The owner is the person who holds the contract and has the right to control the annuity, which includes making decisions about contributions or payments into the annuity. This role is distinct from that of the annuitant, who is the person whose life the annuity is based on and who will eventually receive the income payments.

The insurance company does not make purchase payments; rather, it is the entity that offers and manages the annuity contract. The annuitant's family would not typically be involved in making payments unless they have been designated as the owner or involved in a similar capacity. Lastly, the policy beneficiary is the individual designated to receive benefits upon the death of the annuitant or owner but does not play a role in financing the annuity during the owner's lifetime. Thus, the responsibility of making purchase payments clearly lies with the owner of the annuity.