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Life Annuity |
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Life annuity An annuity that pays a fixed amount for the lifetime of the annuitant.
Life Annuity 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). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The Pacific Life annuity that Swinton has allows her to increase her protected amount after a year. This election to have benefits paid as a life annuity increases the individual's retirement income significantly. The capital securities being issued by Great-West Life Annuity Insurance Capital I are guaranteed by GWL&A Financial on a subordinate basis to any current or future senior debt of the company. |
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