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?

Question

Deven Barnett

Business

16 December, 23:15

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?

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Answers (1)

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Yaretzi Zuniga · Answer 1

Life income with certain period annuity

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.