Meaning of life annuity

life' annu"ity

Pronunciation: [key]
— Insurance. Insurance.
  1. any annuity that is contingent upon the survival of the annuitant or annuitants, esp. an annuity that terminates with the death of a single annuitant.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.