single life annuity meaning

Period certain annuitization provides payments for a set number of years. Spouses have the option to be the new owner and annuitant of the deceaseds annuity and continue the contract.

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A single life or life only annuity provides payments for the life of the annuitant.

. These payments will usually be smaller than those with a single life annuity. This could continue after death if death happens. A joint-life annuity pays through the lifetime of both the annuitant and another person typically a spouse.

An annuity owner is not always the. They can take them out gradually or in a single lump sum anytime as long as they withdraw all of the death benefits with five years of the annuitants death.

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