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Straight Life Annuity

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Straight Life Annuity
A fixed or variable annuity that pays a certain monthly or (rarely) annual sum for life of the annuitant and carries no death benefit. Generally speaking, an annuitant buys a straight 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 straight life annuity is designed to provide a stable income for the annuitant in retirement. Most straight life annuities make larger payments than other annuities because there is no death benefit. See also: Income annuity, Pension, IRA, 401(k).
straight life annuity
An annuity that makes payments to the recipient only for the duration of his or her lifetime. No minimum number of payments and no minimum sum to be paid are guaranteed. All payments end upon the recipient's death. This annuity is desirable for someone with no dependents who wishes to obtain the largest possible payments.
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The amount determined in Step Two is converted actuarially into a straight life annuity at the testing age using a standard mortality table specified in the regulations and an interest rate between 7.
Small retirement plans: face funding dilemma: explore strategic ... by Podleski, James; Paleveda, Nicholas / Journal of Accountancy
Typically, the acquisition of a straight life annuity covering the annuitant's life will not give rise to an estate inclusion.
Assets includible in a transferor's estate by Segal, Mark A. / The Tax Adviser
 
 
 
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