Annuitization Options

Period Certain
Level payments are made for a fixed number of years. If the annuitant dies before the period expires, the payments will continue to the named beneficiary until the expiration of the certain period.

Life Only
Life Only provides level payments during the lifetime of the annuitant. At the time of the annuitant's death, the payments stop without refund or continuation regardless of how many payments have been made.

Life With Period Certain
Life Annuity with a Period Certain provides level payments during the lifetime of the annuitant. If the annuitant dies before the period certain expires, for example 10 years, the payments will continue to the named beneficiary until the expiration of the certain period.

Joint and Survivor
The Joint and Survivor Annuity provides payments during the lifetimes of two annuitants and stops at the death of the last remaining survivor. Again the owner may add a guarantee period certain of 10 years to 30 years. Payments usually remain level but variations like Joint and Survivor 2/3 and Joint and Survivor 50% are available.

Cash Refund
Level payments are made during the lifetime of the annuitant. When the annuitant dies, if sum total of all payments received is less than the dollars annuitized, the balance is paid to the beneficiary.

Installment Refund
Payments are made to the annuitant. When the annuitant dies, if the sum of all payments made is less than the dollars annuitized, payments will continue to the named beneficiary until the payments to annuitant and beneficiary equal the dollars annuitized.