Final answer:
The option that will have the highest monthly payout upon annuitization is Joint and survivor life.
Step-by-step explanation:
The option that will have the highest monthly payout upon annuitization is b. Joint and survivor life.
Joint and survivor life annuity pays the same amount to both spouses until the death of the first spouse, and then continues to pay a reduced percentage to the surviving spouse. This means that the monthly payout will continue even after one of the spouses passes away, providing a higher monthly payout compared to other options.
For example, with a straight life annuity, the monthly payout stops when the annuitant passes away, resulting in a lower monthly payout compared to joint and survivor life annuity.