- 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
- To ensure a steady income during his retirement, he purchased a life annuity from a reputable insurance company.
- The financial consultant advised her to consider a life annuity as part of her retirement planning.
- With a life annuity, he knew he had a guaranteed paycheck for as long as he lived.