There are several different types of payout options. The type of payout option you choose determines your payment amount and your flexibility to leave payments to heirs. Lifetime Income with Certain Period Benefits can continue for a certain period of time or a lifetime, whichever is greater. If the annuitant dies before the time period has ended, the remainder of the payments for the time period will be made to a beneficiary. This option allows for the highest lifetime benefit payments or lowest premium for a specific lifetime payment since there is no guaranteed number of payments.
Payments continue for life and end upon the death of the annuitant.
Certain Income Benefits will continue for a guaranteed certain period from 5 to 50 years. If the annuity contains after tax dollars, the specified period of time plus the annuitant's age cannot exceed the age of 100. If the annuity contains pre-tax dollars, the time period cannot exceed the annuitant's life expectancy. Life Income with Cash Refund Benefits can continue for life. Lifetime Income with Installment Refund Benefits can continue for life.