Survivorship Annuity(redirected from Survivorship Annuities)
Also found in: Dictionary, Thesaurus.
An annuity that is paid to a beneficiary upon the death of the purchaser. That is, one purchases a survivorship annuity and designates a beneficiary. When the purchaser dies, the beneficiary receives a monthly payment for the remainder of his/her life. If the beneficiary dies before the purchaser, then the annuity contract is canceled. The purchaser may not change beneficiaries after the annuity is purchased. It is also called a reversionary annuity.