There are different types of life annuities, including single-life annuities that cover only one individual and joint and survivor annuities that continue payments to a surviving spouse or beneficiary.

Payouts from a life annuity can start immediately (immediate annuity) or be deferred to a future date (deferred annuity). The choice depends on the individual's financial needs and retirement planning.

Life annuities are designed to provide a stream of income, and typically, a lump-sum withdrawal is not allowed. However, some annuities may offer features that allow for partial withdrawals or lump-sum payments under certain conditions.