Life · Chapter 9 · Payout Options
Life Annuity with Period-Certain
Definition
Income for life OR a specified period, whichever is LONGER. Die before the period ends → the beneficiary collects the remaining guaranteed payments. Outlive the period → payments continue for life, but nothing passes to the beneficiary at death.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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