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What is the difference between a life annuity and a time certain or period certain annuity?

April 26, 2017Annuity certain difference life period time

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What is the difference between a life annuity and a time certain or period certain annuity?

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If the payments are contingent upon a life or lives, the annuity is known as a life annuity. If the payments are for a certain number of years without regard to life contingency, the annuity is a term certain or period certain annuity.