OVERVIEW

Your monthly income options

You can purchase Deferred Lifetime Income for yourself, or for yourself and a spouse. Plus, you can choose a beneficiary(ies) to receive any money you used to purchase Deferred Lifetime Income (the premium) that has not already been paid to you by the time of your death.

Single Life deferred income annuity

This option provides monthly lifetime payments to you only, beginning at age 78. When you die, payments stop.

  • If you die before payments begin: The amount you paid to purchase Deferred Lifetime Income (the premium) will be returned to your beneficiary(ies).
  • If you die after payments begin but before you have received the amount you paid to purchase Deferred Lifetime Income (the premium): The difference between the amount you paid (the premium) and the amount you already received in monthly payments will be returned to your beneficiary(ies). 
  • If you die after you have received the amount you paid to purchase Deferred Lifetime Income (the premium): Your beneficiary(ies) will not receive any payment.

Joint & Survivor deferred income annuity

This option provides monthly lifetime payments to you beginning at age 78. If you die before your spouse, your spouse will receive a percentage (50% or 75%, whichever you choose) of your monthly payment for the rest of their life.

  • If you die before your spouse and before payments begin: Your spouse will receive monthly payments in the amount of 50% or 75% (depending on the option you select) of the monthly income you would have received. The payment will start beginning when you would have turned 78 and continue for the remainder of your spouse’s life.
  • If both you and your spouse die before payments begin: The amount you paid to purchase Deferred Lifetime Income (the premium) will be returned to your beneficiary(ies).
  • If you die before your spouse and after payments begin: Your spouse will continue to receive 50% or 75% (depending on the option you select) of the monthly income you would have received for the remainder of your spouse’s lifetime.
  • If both you and your spouse die before you have received the amount you paid to purchase Deferred Lifetime Income (the premium): The difference between the amount you paid (the premium) and the amount you and your spouse already received in monthly payments will be returned to your beneficiary(ies).
  • If you and your spouse both die after you have received the amount you paid to purchase Deferred Lifetime Income (the premium): Your beneficiary(ies) will not receive any payment.