annuity

annuity [ uh-NOO-i-tee, uh-NYOO-i-tee ]
[ noun ]

MEANING :
1. the annual payment of an allowance
2. a contract by which one receives fixed payments on an investment for a lifetime

USAGE EXAMPLE 1 :
They assured him that after he retired he would receive an annuity for the rest of his natural life.
USAGE EXAMPLE 2 :
"When you have an annuity and you sell it, there are a lot of penalties that the insured incurs, and the first time you buy an annuity, the agent makes a very nice commission," Atterholt said.