Single Life/Conventional Lifetime Annuity
The single life annuity is typically regarded as the standard annuity and/or starting point for annuity buyers. There is also ambiguity regarding their name. The 'conventional' tag originates from the recent scenario that until recently these were the de-facto choice for most people when buying an annuity. This popularity persists, despite them not providing any assistance for spouses/financial dependents nor being resistant to inflationary pressure. They do however provide the highest initial income out of the majority of annuity products.
+ PROS
Fixed and reliable, you know the terms upon which the annuity will be paid. This is a one-off buy and is not affected by future fluctuating annuity rates nor investment performance.
- CONS
Lack of benefits to dependants and no participation in possible future investment gains.
