Single life annuity

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Single life annuity

An annuity covering one person. A straight life annuity provides payments until death, while a life annuity with a guaranteed period provides payments until death or continues payments to a beneficiary for a guaranteed term, such as ten years.

Single Life Annuity

An annuity that only provides payments to one person. That is, payments cease when the annuitant dies. This contrasts with other annuities that make a lump sum payment to the annuitant's survivors, or continue payments to them for a certain number of years.
References in periodicals archive ?
A former government adviser has warned that women, who typically live longer than their husbands, are being left with nothing by so-called single life annuities, which don't pay out to a surviving partner.
Single life annuities are the most popular choice and this means millions of pensioners risk leaving their partner and dependents penniless as this income stops immediately upon death of the policyholder.
And only 4 per cent have talked with their partners about the difference between joint life and single life annuities - which stop paying when the purchaser dies - and joint life annuities which continue to pay after the death of one partner.
Joint annuities accounted for 11 percent of SPIA premium payments, with 7 percent of such payments for joint life annuities with a "period certain" payout, while roughly one-third of SPIA premiums were devoted to single life annuities.
Although a joint life annuity can be structured to perfectly replicate any combination of single life annuities by adjusting the survivorship ratios, the reverse is not true.
A couple desiring this income flow could buy two single life annuities and use some of the proceeds from each annuity to purchase life insurance.
The class of procedures considered are multiplicative adjustments to actuarially determined benefit levels for single life annuities.
Transfers among participants in actual plans are more complicated than this analysis suggests because many pensioners do not select single life annuities (Turner, 1988).
For the situation considered by the Supreme Court of pensioners choosing single life annuities, a unisex pension policy clearly furthers this goal.
Single life annuities stop paying upon death of the policy holder, whereas joint life annuities continue to be paid to a partner.
Single life annuities account for 61% of all annuities sold.

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