Even if you elect one of the payout options already described, you can withdraw the rest of your annuity in one or more lump sum payments. For example, you could take a partial lump sum payment when you first retire for cash. After that, you could take planned withdrawals to meet living expenses. Finally, you could withdraw the remainder in a single lump sum payment. It generally gives you the highest annual income of the guaranteed lifetime annuity options.
Payments cease at the end of the period.
If you die before the Period Certain ends, your beneficiary will continue to receive payments until the end of the period. This option pays a fixed lifetime income and guarantees payments over a certain period of time. As with the standard Period Certain, if you die before the Period Certain ends, payments will continue to your beneficiary until the end of the period. The income under this option varies depending on your age and the age of your beneficiary. You must repay your loan within five years on a monthly basis.