What does Life Annuity mean? Read on to discover the definition & meaning of the term Life Annuity - to help you better understand the language used in insurance policies.
A life annuity is an arrangement between an annuitant and a financial institution for a regular schedule of payments to serve as income after retirement. This service is rendered after the person who wants to avail of it makes a series of payments or a lump sum payment to the institution.
We hope the you have a better understanding of the meaning of Life Annuity.