Life Annuity

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.