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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).
Generally, you would make a one-time or lump-sum payment or regular payments to the insurance company to fund the annuity. Common types of life annuities are: Fixed and variable annuities; guaranteed annuities; joint annuities; and impaired life annuities. Life annuities are often used to provide retirement income.ife Annuities. A life annuity is different from other annuities in that it usually ends when the person receiving the payments dies. Many people buy annuities to give them a steady stream of income during retirement.