what is a qualified longevity annuity contract qlac 
a qualified longevity annuity contract qlac is a type of deferred annuity that is purchased using funds from a qualified retirement plan or an individual retirement account ira a qlac provides monthly payments until death and is exempt from the required minimum distribution rmd rules from the internal revenue service irs in 2024 an individual can spend up to 200 000 to buy a qlac 2the bottom linelife annuities are insurance or investment products that provide the annuitant with fixed payments at regular intervals life annuities also known as lifetime annuities are generally sold by insurance companies they essentially act as longevity insurance as the risk of outliving one s savings is passed on to the annuity issuer or provider 