Defined terms for the annuity market and lifetime income landscape.
A life-only annuity is a payout structure in which the insurer makes scheduled income payments for the lifetime of the contract owner (or other designated annuitant) and the payment obligation ends at death, with no continuation to a survivor and no return of any remaining premium.
A life-only payout is an annuity payment structure in which income continues for the contract owner's lifetime and stops at the contract owner's death, with no residual value payable to beneficiaries and no guaranteed minimum payment period.
