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Living together with a last-earner annuity is an insurance product for a couple that provides for regular payments as long as one of the spouses is alive. Annuities with L shares are a class of variable annuities that allow for shorter repayment periods, typically 3-4 years. A life annuity is a financial product that has a predetermined amount of periodic payments until the death of the annuity recipient. An ordinary annuity is a series of regular payments made at the end of each period, such as monthly or quarterly. Payouts refer to expected financial returns or distributions from investments or annuities. Perpetual in finance refers to a security that pays out an infinite cash flow. An annuity present value percentage is used to calculate the present value of a series of future annuities. The present value of an annuity refers to how much money will be needed today to fund a series of future annuity payments. Contributions to a qualified annuity are made with pre-tax dollars. Qualified joint and survivor annuities provide lifetime benefits to spouses, children, or dependents.