what is a life annuity 
a life annuity is a financial product sold by an insurance company that features a predetermined periodic payout amount until the death of the annuity owner who is called the annuitant an annuitant typically pays into the annuity periodically when they are still working annuitants may also buy the annuity in one large lump sum purchase usually at retirement life annuities are commonly used to provide guaranteed and or supplemental retirement income that cannot be outlived 