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Finance Dictionary and Glossary of Investment Terms
Annuity, Single Life
A pension, sometimes called a straight-life annuity, that provides you with a regular payment every month after you retire for the rest of your life. If you choose a single-life annuity and live longer than actuarial tables suggest you will, the payments will keep coming and the annuity will have worked in your favor. But if you die before the average age, the remaining cash will either revert to the pension fund or -- if the pension fund permits -- be paid in a lump sum to your estate.