life income option
- A choice regarding insurance settlement where the insurance company keeps the policy benefits and makes regular payments for the designated recipient's life or for a pre-determined number of years beyond the recipient's death, with payments then switching to another recipient
- The policyholder chose a life income option for their policy, ensuring consistent payments to their beneficiary that would continue after their passing.
- With the life income option, the insurance company makes regular payments to the beneficiary for a fixed duration, even if the beneficiary passes away during that period.
- Life income option provides the beneficiary with a stream of payments throughout their life, with the payments continuing for a specified period to a different recipient if the initial beneficiary dies.