Reversionary Annuity Law and Legal Definition

Reversionary annuity is a life insurance policy that pays an annuity for the life of the beneficiary beginning at the insured's death. Reversionary annuity is payable to one person in the event that someone else is unable to receive it. Such an annuity is payable only if the annuitant is living upon the death of the insured.

Reversionary annuity is also called insurance survivorship annuity.