A life annuity that guarantees payments will continue for a specified number of years. If the annuitant dies before the period certain has expired, payments will be made to a beneficiary for the duration of the period certain.
A form of annuity policy which guarantees an income to the annuitant for as long as she or he lives, but also guarantees to make payments to someone (either the annuitant or a beneficiary) for a specified number of years.
A life annuity which promises that if the annuitant dies before the end of a designated period (usually 5, 10, or 20 years), the insurer will continue payments to a contingent payee until the end of the designated period. Also called a life income with period certain annuity.
An annuity that provides periodic benefit payments for the lifetime of the annuitant and guarantees that payments will be made for at least a certain period of time, even if the annuitant dies before the end of that period.
A type of annuity contract that guarantees periodic income payments throughout the lifetime of a named individual — the annuitant — and guarantees that the payments will continue for at least a specified period. If the annuitant dies before the end of that specified period, the payments will continue to be paid until the end of the period to a beneficiary designated by the annuitant. See also life annuity.
A type of refund annuity in which if the annuitant dies before payments have been made for some minimum number of years, payments to the beneficiary will continue until the end of the guarantee period.
A life annuity with a guarantee that specifies a minimum number of payments will be made even f the annuitant dies prematurely.