Straight Life Annuities or Single Life Annuity distribute annuity payments for a lifetime with no death benefit. Also known as a single life annuity, pure life annuity, lifetime annuity, or life insured annuity.
An individual who purchases a life annuity is given protection from outliving retirement savings due to a long-lived lifetime.
In deferred annuities such as a fixed or fixed indexed annuity, utilizing the single-life payout annuitization is OPTIONAL. Annuity owners can utilize the income rider to supplement an income for life with more flexibility and a death benefit.