What is the term for payments made at specified intervals, typically associated with insurance contracts or certain investments?

The term "annuity" refers to a series of payments made at specified intervals, commonly associated with financial products such as insurance contracts or certain investment vehicles. Annuities are designed to provide a steady stream of income over a predetermined period or for the lifetime of the recipient.

In the context of financial planning and retirement, annuities can be particularly valuable because they enable individuals to convert a lump sum of capital into regular, guaranteed payments, helping to manage cash flow and ensuring that resources last throughout retirement.

The other terms provided do not fit the definition of payments made at specified intervals. For example, “mortgage payment” specifically relates to repayments on a home loan and does not encompass the broader financial definitions of annuities. “Amortization” refers to the process of paying off a debt over time through regular payments, which, while it may involve intervals, does not describe a financial product that guarantees income. "Equity" represents ownership interest in an asset, particularly in real estate, rather than a payment structure. Thus, annuity is the correct term for these specified payments.