Life annuity with period certain: Payouts are made to you for as long as you live. Life income with refund: With this option, you receive income for life and, if you die before receiving an amount equal to the premiums you paid, your beneficiary collects the portion you hadn’t yet received. The total income payout is less than in a life income option.
Joint and survivor life income: This option provides income for as long as you or the survivor live. Why do you never run out of income? Because annuities have an insurance element that pools resources and shares longevity risks across large groups of individuals. This income option, also known as a straight life option, usually pays the highest total income payout.
When you die, no further payouts will be made to anyone, not even your dependents. Life income: With this option, you receive income for as long as you live, even if the total payouts are more than you paid in premiums. The options you choose will influence the amount of money you receive. You usually can choose from a number of options how long you want income payouts to last and if you alone or you and someone else will receive the payouts. Annuities offer flexibility in the way you can receive payouts.