While there are other apps on the App Store to calculate the value of a term certain annuity, this is the only app which can also calculate the value of a life contingent annuity.
What is a life contingent annuity? It's an agreement where you will receive payments at selected periods for the rest of your life, in exchange for a lump sum amount. This app can calculate the fair value of the premium given the assumed payments, or the fair value of the payments given the assumed premium.
Practical uses for this app include the following: Assume you win the lottery (wouldn't that be nice!), and you are offered $10,000 a year for the rest of your life, or a lump sum amount paid up front. This app allows you to figure out the fair value given YOUR age and gender! (But why wait to actually win the lottery to calculate this, when you can dream now about how you're going to spend your winnings!)
The Life Annuity Calculator app is very flexible, allowing for different interest rate patterns and guarantee terms to be entered. It handles both single life and join annuities.
Designed for use by both laypersons and professionals! This app should be on every actuary's iPhone!
The base download performs calculations with a common industry mortality table. An in-app-purchase allows the user to select from multiple mortality tables and mortality projection options which will be useful for industry professionals (but in general, for laymen use the in-app purchase is not required).
All suggestions for future features and enhancements to the calculator are welcome.