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Annuity Payout Options

Another way to classify an annuity is the payout option chosen. Once an annuity matures and its accumulated fund is converted to an income stream, a payout schedule is established (See Table 2.4). There are a number of annuity payout options available:

  • Straight life income,
  • Cash refund,
  • Installment refund,
  • Life with period certain,
  • Joint and survivor, and
  • Period certain.

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