any annuity that is contingent upon the survival of the annuitant or annuitants, especially an annuity that terminates with the death of a single annuitant.
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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
Examples from the Web for life annuity
He rewarded her with a life-annuity of three thousand francs.Repertory Of The Comedie Humaine, Complete, A -- Z|Anatole Cerfberr and Jules Franois Christophe
I would have sold my rentes; she should have had some of the principal, and I would have bought a life-annuity with the rest.Father Goriot|Honore de Balzac