life annuity

Definition of "life annuity"
  1. A type of annuity that guarantees a fixed or variable income to the annuitant for their lifetime, and ceases upon their death. This is often referred to as a straight life annuity
How to use "life annuity" in a sentence
  1. To ensure a steady income during his retirement, he purchased a life annuity from a reputable insurance company.
  2. The financial consultant advised her to consider a life annuity as part of her retirement planning.
  3. With a life annuity, he knew he had a guaranteed paycheck for as long as he lived.

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