life with guaranteed term

Definition

An annuity with a specified set of terms and conditions which guarantees payments throughout the annuitant's life. If he or she dies before the end of the term, the beneficiary will continue to receive the payments on the annuitant's behalf. This annuitization option helps the annuitant to have a life-long income guarantee.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
life tenant lifeboat operation