life annuity

noun

, Insurance.

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.

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In 1325 John Nichol, of Kenfig, gave his property to the abbey in return for a life annuity.

The life annuity he undertook to pay me was sufficient to my subsistence.

He retired to Montrouge, to his cottage in the fields, and sold me his shop against a life annuity.

He rewarded her with a life-annuity of three thousand francs.

It is clear that he would buy a life annuity if he should buy the first 100 in one office, the second in another, and so on.

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