Which of the following is NOT a characteristic of a Single-Life Annuity?

A Single-Life Annuity is designed to provide payments to one individual for their lifetime, making the first statement true. This annuity structure ensures that the individual receiving the payments is the sole beneficiary for the duration of their life, which is crucial for its purpose as a retirement income strategy.

The characteristic that is indicated in the answer pertains to rights of payment to survivors. A Single-Life Annuity does not typically provide any benefits or continuing payments to survivors upon the death of the annuitant. This differentiates it from other types of annuities, such as joint-and-survivor annuities or those with guaranteed periods, which ensure that payments may extend beyond the life of the individual to their beneficiaries.

Additionally, Single-Life Annuities usually do involve current premium payments in exchange for future income, indicating that premiums paid will secure income for the annuitant's life, reinforcing the income supplement characteristic often associated with this kind of annuity. Overall, it serves primarily to provide a steady income stream, especially in retirement, which is a vital component of financial stability for many individuals.