Life Annuity with Period Certain definition

Life Annuity with Period Certain. We apply the annuity value to make monthly payments until the later of the death of the annuitant or the period certain. The period certain is not to be less than six (6) years nor more than thirty (30) years. The amount of each fixed annuity payment and the first variable annuity payment is shown in Table 2. If the annuitant dies during the period certain payout, the owner has the right of commutation at the interest rate used for determination of payments.
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Examples of Life Annuity with Period Certain in a sentence

  • During the Annuitant's lifetime, if no election has been made and the Annuitant has no spouse on the Maturity Date, We will pay to You the first of a series of monthly annuity payments based on the life of the Annuitant, in accordance with the Life Annuity with Period Certain Annuity option, with 120 monthly payments assured.

  • If the maximum maturity date has been reached, and an Annuity Option has not been specified by the Contract Owner, the Contract Value will be annuitized on the Annuity Date based on a Life Annuity with Period Certain of 10 years unless otherwise provided under the Internal Revenue Code.

  • Life Annuity with Period Certain Provides payments to the owner for the longer of: a) the annuitant's life; or (b) the period certain.

  • Joint and Survivor Life Annuity with Period Certain of 240 Months.