What does Straight Life Annuity mean? Read on to discover the definition & meaning of the term Straight Life Annuity - to help you better understand the language used in insurance policies.
Straight Life Annuity
A straight life annuity is an investment contract that make regular payments to the annuitant for the rest of their life. Upon death, the payments stop, and you cannot designate a beneficiary with this type of insurance. Typically, you buy one and make regular payments during your working life or pay a single lump sum, usually after retirement.
We hope the you have a better understanding of the meaning of Straight Life Annuity.