Straight Life Annuity

Definition

  • A type of annuity that makes periodic income payments until the annuitant's death. All payments stop after the annuitant's death, as a result no beneficiary can be designated.

Synonyms
life annuity, whole life annuity, lifetime payout annuity

Related Terms and Acronyms

  • Annuity Definition,
    • A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
    • A financial instrument that disperses a number of payments over a set period of time.
  • Cash Refund Annuity Definition,
    • An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
  • Deferred Annuity Definition,
    • An annuity that makes payments to the annuitant at some date in future instead of immediately.
  • Fixed Annuity Definition,
    • An annuity that makes fixed payments to the annuitant with guarantees for earnings and principal.
  • Joint and Survivor Annuity Definition,
    • An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
  • Life Annuity Definition,
    • An annuity that will continue to make payments until the death of the annuitant.
  • Life Expectancy Method Definition,
    • A method of calculating the appropriate size of payments in an annuity's income phase by estimating the annuitant's life expectancy.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Maturity Guarantee Definition,
    • A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
  • Private Annuity Definition,
    • An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
  • Substandard Health Annuity Definition,
    • An annuity with increased income payments for people with shorter life expectancies due to medical conditions.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage