Final answer:
The Life with period certain annuity payout option provides lifetime payments to the annuitant and guarantees payments for a certain minimum term, whether or not the annuitant is living.
Step-by-step explanation:
The annuity payout option that provides lifetime payments to the annuitant but guarantees a certain minimum term of payments, whether or not the annuitant is living, is the Life with period certain option.
This option allows the annuitant to receive payments for their entire lifetime. Additionally, it guarantees payments for a certain period, even if the annuitant passes away before the term is over. For example, if the annuitant selects a 20-year period certain and passes away after 10 years of receiving payments, their beneficiary will continue to receive payments for the remaining 10 years.
This option provides both the security of lifetime payments and the assurance of payments for a specified period, making it a popular choice for individuals seeking financial stability in retirement.