A lifetime annuity is an investment vehicle, which functions as a personal pension plan. It’s a retirement income investment purchased through a life insurance company using either superannuation savings or other investments, which are guaranteed to last for lifetime. It’s is a form of immediate annuity that provides income for entire life. A lifetime annuity is sometimes also referred to as “lifetime income annuity,” “single life,” “straight life,” or “non-refund.”

A lifetime annuity can serve as a retirement income supplement to Social Security checks, 401(k) retirement plans, company pension funds, etc. A lifetime annuity also does allow an arrangement to have the income transferred to another person for their lifetime in case an annuity owner dies. This annuity arrangement is known as “reversionary,” or “Joint and Survivor” annuity. A straight life annuity is meant for someone who needs the most retirement income possible and does not plan to use the money invested for dependents or other beneficiaries.

In a lifetime annuity, the investment risks are transferred to the annuity provider. It doesn't matter what interest rates, investment markets or economic conditions do – an annuitant is guaranteed to receive retirement income for lifetime.

Most of the lifetime annuities provide income for lifetime, but some may offer the option of payments for a fixed number of years. Lifetime annuities provide income for as long as you live - even after all the money you contributed is exhausted. They can be useful for those who want the certainty and security of establishing a regular and guaranteed income stream. Here is a little summary of benefits of lifetime annuities.

Lifetime annuities allow annuitant to select how often he/she wants to receive payments –monthly, quarterly, half yearly, or yearly. Lifetime annuities allow an annuitant to choose the rate of increase of his/her income to meet lifetime income needs.

Lifetime annuities allow an annuitant to choose to continue paying the income stream to another person after his/her death.

Lifetime annuities also allow an annuitant to set a guaranteed period that the income must be paid (commonly 20 years). An annuitant can also make arrangement for a payable lump sum to his/her beneficiary, if he/she dies beFor the guaranteed period finished.

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