Payout options can vary according to the institutions that are running your annuity and what they offer. Typically there are four options for clients: Income for a guaranteed period. You contract a period of time in which you receive a specific amount of money. Usually, these periods are quite long, so they cover a large part of your life. You get to choose a beneficiary in case you die before the period ends, meaning your beneficiary (a person you want the money to go to like a child or wife/husband) will receive your payouts for the remainder of the guaranteed annuity period. Lifetime payments. Unlike the guaranteed period, your life factors into the basis of these income payments. The payments can be either variable or be fixed in nature and are determined based on how much you invest and in how long your life expectancy is. The catch is that when you die, you can not designate a beneficiary, and the remainder of your annuity money stays with the company providing payments. Joint and survivor annuity. This type of annuity depends on the coexistence of two people owning the same annuity. Both parties receive incomes as long as one or both parties are alive. This means that if you have this kind of annuity with your spouse, he or she will still get the payment when you die. If she or he dies before you, you still get the payment as well. Income for a lifetime a with a guaranteed period. This kind of annuity is a combination of a lifetime annuity and a period certain one. You will still get a guaranteed payout during your entire life and this includes a period specified phase. The good thing is (for others) is that if you die during that period of time, an heir or a beneficiary can still benefit from what’s left of that period. These are the most typical arrangements, but you will find certain different features about each, depending on the company that holds your annuity. Some are less forgiving than others when it comes to contract terms. This is why it is essential to have a trained annuity broker assist you in your transaction. Regardless of the payment method stipulated in the contract you can sell your annuity whenever you want. This flexibility ensures that you can cover necessary expenses in an emergency or when your life situation changes. Call 866-508-0010 to get a free quote today.