life annuity

noun Insurance.
any annuity that is contingent upon the survival of the annuitant or annuitants, especially an annuity that terminates with the death of a single annuitant.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
If you want a life annuity that pays benefits to a survivor, or joint
  annuitant, you have that option as well.
The single life annuity amount is payable to you for life.
The maximum guarantee is adjusted to reflect annuity forms other than a
  single-life annuity.
The life annuity amount will be actuarially reduced to offset the lump sum
  payment.
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