Question

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to a designated beneficiary?

Answer 1

Life income with certain period annuity

Step-by-step explanation:

This type of policy guarantees a certain amount of money during the remaining life of the insured. It also guarantees that during a minimum specified time, the certain period, the payments will be carried out even if the insured dies. In this case the benefits will be paid to his/her beneficiary. The insured determines the certain period when choosing the life insurance plan, and the certain period can vary from 5 to 30 years.