Life Annuities
If you’re concerned about outliving your assets and income, life annuities pay a guaranteed income for as long as you live or the guarantee period, whichever is longer.
A single life annuity provides income payments as long as you live.
A single life annuity with no guarantee provides guaranteed income payments while you’re living, but the payments stop when you die.
A single life annuity with a guaranteed period provides you with guaranteed income payments for your lifetime or for a specific guaranteed term you indicate at time of issue, whichever is longer. The guarantee period can be up to 40 years or age 90, depending on the source of funds used to purchase the payout annuity.
If you die before the guaranteed period is complete, your beneficiary receives a lump-sum payment equal to the value of the remaining benefit. If your spouse is your beneficiary, he or she may choose to continue receiving payments until the guaranteed period ends.
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