What are the 2 distinct phases of a Deferred Annuity?

Accumulation & Payout phases are the 2 distinct phases of a Deferred Annuity. There are two phases for a deferred annuity: the accumulation or deferral phase in which the customer deposits (or pays premiums) and accumulates money into an account; the distribution or annuitization phase in which the insurance company makes income payments until the death of the annuitants named in the contract.