These date back to at least 1699 when the Life Insurance and Annuity Association was founded. Again at this stage the premiums were not based on any scientific data, simply because well founded data was not available.
In medieval times churches and monastic bodies offered life annuities to raise money. In the late 17 th century the English Government also raised money by the sale of annuities.
Once mortality tables developed and became more sophisticated it was possible to predict life expectation and this allowed for the single premium annuity. Since then different types of annuity have arisen and some form the basis for pension arrangements which are beyond the scope of this article.
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Joint Life and Last Survivor Annuity