If an annuitant dies before payout, his or her beneficiaries will receive all the purchase payments plus any accumulated earnings as of the annuitant's death.
- Lump-Sum Vs. 5-Year Payout: Beneficiaries may receive the death benefit in a lump-sum or over five years. The five-year option reduces the tax on the death benefit and can increase the amount of interest received on the account value. The death benefit are payable until the contract is terminated or annuitized.
- Provisions: As noted, settlement options available at death depend on the qualified or non-qualified status of the annuity, when death occurs and the relationship of the beneficiary to the annuitant. Provisions include the following:
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