Life Annuity

This is a series of payments under which continue throughout the remaining lifetime of the annuitant but not beyond. This contract provides an income for life.

Some life annuity contracts can be written with a provision that if a annuitant dies within a certain time period then the beneficiary continues to be paid for a certain time period.

Some charitable organizations will set up an annuity for a person who bequeaths their estate to the charity. While alive, this person receives an annuity to provide for their needs. Once this person dies then the funds become the property of the charity.

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