A type of annuity contract that guarantees periodic income payments throughout the lifetime of a named individual, the annuitant. If a life annuity provides no further benefits after the death of the annuitant, the annuity is known as a straight life annuity. However, some life annuities provide that income payments will be paid either for the life of the annuitant or for a guaranteed period, life income with period certain. or at least until a guaranteed amount has been paid, life income with refund annuity. |
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L-share Variable Annuities
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