Single Annuitant (Single Life Annuity)
Definition - What does Single Annuitant (Single Life Annuity) mean?
Single Annuitant, also known as Single life annuity, is a retirement financial plan in which the insured pays the insurer, in installments or the full amount, and in return the insurer is obligated to make scheduled payments to the insured until they die. The payments do not extend to the survivors of the annuity owner.
Insuranceopedia explains Single Annuitant (Single Life Annuity)
Because it covers only one person, the single life annuity (also called the straight life policy) might have a limited appeal to future retirees. Annual payments basically stop after the death of the annuitant, so relatives and dependents will not receive anything from the insurer. Its narrow coverage can make this annuity relatively affordable.
There are annuities, though, that cover more than one person, like the joint-and-survivor annuity. And, of course, if the insured is concerned with providing income to their family members, they can always rely on the death benefit provided by a life insurance policy.