Life Only
Pays the highest periodic income amount of the life-contingent options, but payments stop entirely at death — no further payments to a beneficiary, even if you pass away shortly after payments begin.
Life With Period Certain
Guarantees payments for your lifetime, but also guarantees a minimum number of years (e.g., 10 or 20) — if you pass away before that period ends, payments continue to a beneficiary for the remainder of the guaranteed period.
Joint and Survivor
Continues payments for as long as either you or a named joint annuitant (often a spouse) is living, often at a reduced payment amount compared to a single-life option, reflecting the longer expected payment period.
Period Certain Only
Pays for a fixed number of years regardless of whether you're living, with no lifetime guarantee — payments simply stop at the end of the selected period.
Key Takeaways
- Payout options trade off payment amount against duration and beneficiary protection.
- Life-only options generally pay the most per period but carry no death benefit.
- Joint and survivor options protect a spouse but typically reduce the periodic payment amount.
Payout option availability and exact payment calculations vary by carrier and contract. Once selected and annuitized, payout options are often irrevocable. This is educational content, not a recommendation for a specific option — consult a licensed advisor.
Free Consultation
Have Questions About Your Situation?
Every situation is different. Our Wyoming and Utah advisors provide free, personalized guidance — no pressure, no obligation.