An irrevocable life annuity is a financial arrangement where the annuitant receives a fixed income for the rest of their life, without any provision for a refund to beneficiaries upon their death. This type of annuity offers stability and security, as the annuitant can count on a steady stream of income regardless of market fluctuations. However, it also means that there is no inheritance for loved ones after the annuitant passes away. As with any financial decision, it is important to carefully consider the pros and cons before committing to an irrevocable life annuity.
