When a party as tenant for life is entitled to the annual interests on a sum of money, or is entitled to the use of any estate, or a part thereof, and is willing to accept a gross sum in lieu thereof, or the party liable for such interest, or affected by such claim, has the right to pay a gross sum in lieu thereof, or if the court in any legal proceeding orders a gross sum to be paid in lieu thereof, the sum shall be estimated according to the then value of an annuity of eight percent on the principal sum during the probable life of such person, according to the following table, showing in Column I the present value, on the basis of eight percent interest, of an annuity of $1, payable at the end of every year that a person of a given age may be living, for the ages therein stated:

contract signature

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Terms Used In Virginia Code 55.1-500

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230

PRESENT VALUE

—————————————————————
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 Age last birthday I life II lives
Less than one year 12.060 11.670
1 12.291 12.124
2 12.291 12.127
3 12.286 12.120
4 12.278 12.107
5 12.267 12.091
6 12.256 12.071
7 12.242 12.049
8 12.227 12.024
9 12.211 11.996
10 12.192 11.965
11 12.171 11.930
12 12.149 11.892
13 12.125 11.852
14 12.102 11.812
15 12.078 11.773
16 12.055 11.736
17 12.032 11.701
18 12.010 11.666
19 11.988 11.632
20 11.964 11.596
21 11.939 11.559
22 11.913 11.521
23 11.886 11.480
24 11.857 11.437
25 11.824 11.389
26 11.789 11.336
27 11.751 11.278
28 11.709 11.215
29 11.664 11.148
30 11.615 11.075
31 11.564 10.998
32 11.510 10.917
33 11.452 10.831
34 11.391 10.741
35 11.326 10.645
36 11.258 10.545
37 11.186 10.440
38 11.110 10.331
39 11.031 10.217
40 10.948 10.098
41 10.861 9.975
42 10.770 9.847
43 10.675 9.714
44 10.576 9.576
45 10.473 9.434
46 10.365 9.288
47 10.254 9.138
48 10.138 8.983
49 10.018 8.824
50 9.893 8.661
51 9.764 8.493
52 9.631 8.322
53 9.493 8.147
54 9.352 7.970
55 9.207 7.790
56 9.057 7.608
57 8.904 7.423
58 8.747 7.237
59 8.586 7.048
60 8.421 6.856
61 8.252 6.662
62 8.078 6.466
63 7.900 6.267
64 7.718 6.067
65 7.532 5.865
66 7.343 5.663
67 7.150 5.460
68 6.954 5.256
69 6.755 5.052
70 6.552 4.847
71 6.345 4.640
72 6.134 4.431
73 5.920 4.222
74 5.705 4.015
75 5.491 3.812
76 5.279 3.615
77 5.069 3.424
78 4.861 3.239
79 4.654 3.057
80 4.448 2.879
81 4.244 2.706
82 4.044 2.538
83 3.846 2.376
84 3.652 2.217
85 3.459 2.061
86 3.272 1.911
87 3.097 1.774
88 2.934 1.651
89 2.780 1.537
90 2.630 1.426
91 2.485 1.319
92 2.350 1.220
93 2.227 1.131
94 2.118 1.053
95 2.024 0.986
96 1.943 0.931
97 1.873 0.885
98 1.811 0.845
99 1.754 0.810
100 1.701 0.779
101 1.651 0.751
102 1.602 0.726
103 1.550 0.703
104 1.492 0.682
105 1.420 0.661
106 1.322 0.637
107 1.178 0.602
108 0.955 0.535
109 0.595 0.383

1973, c. 355, § 55-269.1; 1981, c. 612; 1990, c. 831; 2019, c. 712.

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