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In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. A). Ted is not required to recognize any income until he has collected 40 payments (40 $1,500 = $60,000).
Single Life Annuity. An annuity that only provides payments to one person. That is, payments cease when the annuitant dies. This contrasts with other annuities that make a lump sum payment to the annuitant's survivors, or continue payments to them for a certain number of years.which provides life-long income for you alone) or a joint life annuity (which provides annual income for as long as either you or your spouse/sibling are alive). Planned giving: 20th anniversary of gift annuities for the ... by Presbyterian Record.