Unit 2 QQ2.M Annuity Payments
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| Surrender | Annuitant may simply cash in annuity. In this case, his cost base is the total amount invested. Lible for income tax on the growth + 10% penalty under 59.5
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| Death Annuitant | Death during accumulation period, beneficiary guaranteed total value or amount invested whichever greater. Ben liable for taxes on growth.
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| Life Annuity/ Straight Life | An annuity payout option that pays an monthly check over the annuitant's lifetime.
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| Life Annuity with Period Certain | An annuity payout option that guarantees the annuitant a monthly check for a cetain time period and therafter until the annuitant's death. If the annuitant dies before the time period expires, the payments go to tha annuitant's named beneficiary.
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| Joint Life with Last Survivor | An annuity payout option that convers two or more people, with annuity payments continuing as long as tone of the annuitants remains alive.
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| Unit Refund Annuity | Insurance contract in which the ins co makes monthly payment to an annuitant over the annuitants lifetime. If the annitaint dies before receiving an amount equal to the account's value, money remaining in the account goes to the annuitants named ben.
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