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Chapter 6 pt.3

Lump sum Entire death benefit paid at once; most common and default option
Interest only Insurer holds the death benefit and pays only the earned interest to the beneficiary
Fixed amount Proceeds paid in specified installment amounts until principal and interest are exhausted
Fixed period Equal installments paid over a set period of years
Life income Guarantees payments to the beneficiary for the beneficiary's lifetime
Single/pure/straight life income Payments end upon beneficiary's death with no refund
Life income with period certain Guarantees payment of the remaining death benefit if the beneficiary dies prematurely
Joint and Survivor Guarantees benefits to two or more people on a life-long basis
Created by: user-2016087
 



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