what is a life annuity 
a life annuity is an insurance contract that provides a guaranteed income for life typically in return for a lump sum payment the bottom linea locked in retirement account lira can be used to hold money transferred out of an employer sponsored retirement plan without losing its tax deferred status liras are governed by provincial law and may be opened only under certain circumstances at retirement the account beneficiary can transfer the money to an account that will provide them with a regular income for life 