An annuity voluntarily purchased with a single premium that provides income from a specified starting date for the rest of the policyholder's lifetime.
Origin
Mid 19th century; earliest use found in Journal of the Royal Statistical Society.
Definition of purchased life annuity in US English:
purchased life annuity
noun
British
An annuity voluntarily purchased with a single premium that provides income from a specified starting date for the rest of the policyholder's lifetime.
Origin
Mid 19th century; earliest use found in Journal of the Royal Statistical Society.