What is Single Life Annuity and How Does it Work?

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An annuity is a series of payments that are guaranteed for a specific amount of time. Someone who is receiving a pension is getting an annuity. You can also buy an annuity from an insurance company. There are a lot of different types of annuities available. One of the most common is a single-life annuity. But what is the single life annuity definition, and how does it work?