- Joint Life Annuity: With this option (also called life and survivor), payments are made for the lives of the owner and beneficiary. If a spouse is named beneficiary, payments are made during the owner's lifetime. If the owner dies first, payments continue to the surviving spouse. Because two lives are covered, income payments are lower under a joint and survivor annuity than under a single life annuity. Advantage: The owner's spouse (or other beneficiary) has a guaranteed lifetime income. Disadvantage: The payment will be lower than a single life annuity. If the owner's spouse dies first, the owner receives the lower lifetime payment.
- Joint & 100 Percent Survivor Annuity: This option makes the same periodic payment until both owner and beneficiary are deceased.
- Joint & 50 Percent Survivor Annuity: This option pays one amount during the owner's life, and then pays half that amount to the beneficiary at the owner's death.
- Joint & 66 Percent Survivor Annuity: A joint life and term of years annuity guarantees that payments will be made for at least the stated term of years, even if both you and the beneficiary die before that period. The payments would continue to another beneficiary you named.
- Period Certain Annuities: These annuities ensure that the owner will leave something to his or her heirs. Guaranteed payments are made for a stated term of years, usually 10, 15, or 20. If the owner dies before that period, payments continue to a beneficiary until the period ends. If the owner outlives the period, the payments stop.
- Interest-Only Payments: The owner may decide to receive interest-only payments until a later date on which another settlement option will take effect.
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