A life insurance annuity is a type of insurance that is paid to the beneficiary in a regular stream of payments. Unlike other life insurances, the beneficiary will not receive one lump sum upon the death of the insured. Based on a contract between the insurance and beneficiary, the insurance company must continue payments for the duration of the specified time, which in some cases is the remainder of the beneficiary's life. Commonly, payments occur monthly or at some other regular interval. When an individual enters into a life insurance annuity, the money they invest may also be eligible for tax deferral and a variable return on their investment. In annuities that occur outside of life insurance, the payments might begin as soon as the purchase for the annuity is completed rather than after a death or duration of time.