life annuity

noun

, Insurance.

1. any annuity that is contingent upon the survival of the annuitant or annuitants, especially an annuity that terminates with the death of a single annuitant.

Example Sentences

This assumes a single life annuity with a 10-year guarantee period and 4 percent interest rate.

From Washington Post

The illustrations would estimate retirement benefits that might be paid as a life annuity to a retirement account holder and a survivor annuity over the life of the participant’s surviving spouse, child or dependent.

From Washington Post

Answer: Traditional pensions typically give workers two options: a single life annuity, whose payments are higher but cease when the recipient dies, or a joint-and-survivor annuity that continues for a surviving spouse’s lifetime.

From Los Angeles Times

Take the same amount of money from your investments and buy a life annuity from an insurance company, and you won’t get an 8 percent payout.

From Seattle Times

If you have a "joint life" annuity, will your spouse or partner have to consent to you cashing in the annuity?

From BBC