a) Life, guaranteed
5 years - the annuity is payable for your lifetime but should you die within the
first 5 years, your beneficiary will receive the balance of the 5 years of payments.
b) Life, guaranteed 10 years - the annuity is guaranteed for your lifetime
but should you die within the first 10 years, your beneficiary will receive the
balance of the 10 years of payments.
c) Life, guaranteed 15 years - same as (b) but guaranteed for 15 years.
d) Joint and survivorship annuity - Your spouse is named as your joint
annuitant. Payments are made to you for your lifetime. If you predecease your
spouse, the annuity policy will continue to make payments to him/her for the remainder
of his/her lifetime.
e) Life only - payable for the lifetime of the retiree with no built-in
guarantees.
