What does the life income with period certain option guarantee?

The life income with period certain option guarantees a lifetime income to the policyholder while also ensuring that the income is payable for a specified period, regardless of whether the policyholder is still alive. This means that the beneficiary will receive payments for the guaranteed period even if the insured passes away before the period ends. If the insured dies before the end of that period, the payments continue to be made to the beneficiary until the guaranteed period concludes. This option is appealing as it provides both the security of lifetime income and the assurance that payments will continue for a certain timeline, protecting beneficiaries from the risk of losing out if the insured dies sooner than expected.

The other options do not fully capture the dual characteristic of this benefit. For example, a simple fixed amount in installments until exhausted does not imply the security of lifetime income, and merely paying the proceeds in cash or providing income for multiple recipients does not align with the life income option's premise of individual guaranteed payments.