Survivorship Annuity

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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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