A fixed or variable annuity that pays a certain monthly or (rarely) annual sum for life of the annuitant. Generally speaking, an annuitant buys a life annuity and makes installment payments for it throughout his/her working life. Following retirement, the annuitant begins to receive the benefit, the amount of which may or may not be fixed in the annuity contract. A life annuity is designed to provide a stable income for the annuitant in retirement. See also: Income annuity, Pension, IRA, 401(k).
If a participant's surviving spouse is not a QLAC beneficiary, or is not the sole beneficiary, the contract may provide a life annuity to a designated beneficiary only if one of the following two conditions is satisfied.
He explains that a single life annuity is payable throughout life just for yourself and, with a joint life annuity, up to 100% of your income can be paid to a spouse or civil partner after you die.
14 June 2013 - Lincoln Benefit Life Co, the life annuity business of US insurer Allstate Corp (NYSE:ALL), has attracted bidders including UK financial services provider Resolution Group and buyout firms TPG Capital LP and JC Flowers & Co LLC, two insiders told Reuters.
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