Single Life Annuity at Life

Single Life Annuity. This is different from a term annuity which only pays you for a fixed amount of time. For example, after 15 years of service at company xyz, an employee retires at age 62.

The payments will continue until his or her death, then stop. A series of payments are guaranteed during that individual’s lifetime, but the payments cease when the annuity holder (aka an “annuitant”) passes away. The concept behind a single life annuity is pretty straightforward.

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A single life annuity, or straight life annuity, can provide a retiree with a monthly payment for as long as he or she lives. The money used to purchase an annuity is known as a premium. An annuity covering one person. Single premium immediate annuity, also known.