Single life annuity

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Related to Single life annuity: immediate annuity, Lifetime Annuity

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
However, Term Certain Annuity Factors are used instead of Single Life Annuity Factors.]
If the structure is efficient, then only a portion of the excess of the single life annuity over the starting amount of the J&S annuity is needed to buy the required insurance amount.
This increased cost is reflected in a lower annuity payment than would be paid under a single life annuity at either of the two ages, or under the joint life annuity structure.
Assuming a Section 7520 interest rate of 6.0%, the present value of the annuity is $27,621 (see Appendix K for valuation tables and examples of single life annuity calculations), so the gift to charity is $22,379 ($50,000 - $27,621).
Milliman's pricing assumptions are likely to be different from those of the company in Clements' example, and Milliman is using a joint-and-survivor income benefit that is more costly than a single life annuity.
So there are basically two types of private annuities: (1) the single life annuity under which payments cease at the death of the annuitant; and (2) the joint and last survivor annuity, in which payments continue until the death of the last survivor, e.g., payments continue as long as either the husband or wife is alive.
You have the option to elect for a widow's pension not to be paid which will increase your single life annuity. If you choose this option, your pension benefits will cease on death.
However, now is not necessarily a good time for annuity rates, as a male aged 65 purchasing with pounds 10,000 a single life annuity guaranteed for five years, would receive around pounds 893 per year income, as opposed to pounds 916 p.a.
The tax was paid by the estate on excess retirement accumulations, which were defined as the excess of the present value of the decedent's interest in all qualified retirement plans over the present value of a single life annuity with annual payments equal to the annual excess retirement distribution limit.
The excess accumulation tax is paid by beneficiaries on inherited pension assets that exceed the value of a single life annuity paying out $155,000 a year for someone with the life expectancy of the deceased.
The survivor joint annuity works in a slightly different manner than a single life annuity. A retiring employee is promised a monthly retirement benefit lower than the single-life payment, This "premium" is usually about 10 percent of the higher payment.

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