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Survivorship Annuity
(redirected from reversionary annuity)

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Survivorship Annuity
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.
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Naming that person the beneficiary of a reversionary annuity will not be expensive because of his life expectancy and the product can provide a great deal of protection.
Mortality expectations provide real value by Greenwald, Matthew / Boomer Market Advisor
On a more technical level Clark defines types of early insurance--contributorships, mortuary tontines, premium insurance and reversionary annuity companies--and chronicles the growth of such landmark businesses as the Royal Exchange Assurance Corporation and London Assurance Corporation at the beginning of the eighteenth century, the Equitable Society of mid-century and the Westminster and Pelican which appeared at century's end.
Betting on Lives: The Culture of Life Insurance in England, ... by Schmidt, Albert J. / Journal of Social History
 
 
 
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