While some annuities accept only single, lump sum premiums, other deferred annuities accept flexible premium payments. With a flexible premium annuity, an investor can choose to make a single premium payment, periodic payments (such as monthly or quarterly), or sporadic payments according to no particular schedule. Generally, a scheduled payment can be missed without fear of losing any of the preceding payments into the plan. He or she can also borrow from the contract, or terminate it at any time during this phase.

Many insurance companies even offer insurance protection during the accumulation phase. If the annuitant's account is insured, in the event of his or her death prior to annuitization, the annuitant's named beneficiary will receive the greater of the total payments made or the current value of the account at the time of death, all free of surrender charges.