Life Option

Life Option

A fixed annuity that pays a certain monthly sum for life of the annuitant. Generally speaking, an annuitant buys a life option and makes installment payments for it throughout his/her working life. Following retirement, the annuitant begins to receive the benefit. A life option is designed to provide a stable income for the annuitant in retirement. Risk is split between the annuitant and the company providing the life option: the annuitant benefits financially if he/she lives for a long time after retirement while the company benefits if he/she dies sooner. See also: Income Annuity, Pension, IRA, 401(k).
References in periodicals archive ?
Aflac's new Group Whole Life plan is a portable, permanent life option with a maximum death benefit of up to $300,000 to help take care of immediate and future needs if an insured should pass away.
Life Option - Sum assured paid on death or on diagnosis of Terminal illness as lump sum benefit to the nominee and the policy terminates.
Ottolia also denied a bid by the state of California and backers of the End of Life Option Act to have the doctors' suit dismissed.
Then last fall came the surprising passage of California's End of Life Option Act, giving terminally ill adults with 6 months to live the right to request lethal medication to end their lives.
It's now legal in five states, with California's new End of Life Option Act set to take effect in June.
Brown, a former Jesuit seminary student, approved the End of Life Option Act Oct.
Less than a month later, lawmakers passed the End of Life Option Act on Sept.
The younger and healthier you are, the better the whole of life option is for you.
The income for life option, for example, is only one feature to consider when selecting a provider.
1-inch widescreen notebooks include the latest Intel Centrino Pro and Centrino Duo mobile technology, an improved cooling system, longer battery life option, and a new top cover roll cage in addition to the original hard drive magnesium roll cage.
The authors used universal life Option A (level) with level premiums, but traditional whole life has either rising death benefits (dividends reinvested) or decreasing premiums (dividends in cash or to reduce premiums).
Philips now provides consumers with the longer life option they are looking for in an incandescent version--and we're backing it up with a one-year guarantee.