Life Income Option
An option for paying the proceeds of a life insurance policy to beneficiaries under which equal installments are paid as long as the beneficiary lives, even if the principal has been exhausted. Proceeds are retained by the insurer and paid in equal installments (monthly, quarterly, semiannually or annually). However, this option provides no refund when the beneficiary dies—even if only one installment has been paid. It is frequently elected as the form of payment for a death benefit to a surviving spouse, or for payment of cash values to an insured who lives to retirement age.
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