Which option guarantees joint income for two or more recipients as long as they live?

The correct answer is the Life Income Joint and Survivor option, which is designed specifically to provide a guaranteed income stream to two or more recipients for as long as they live. This type of payout option ensures that both recipients receive consistent income, and it continues until the last surviving individual passes away. This ensures financial support is available for both participants regardless of their individual life spans.

This option is particularly beneficial for couples or partners who rely on each other financially, as it secures stability in their income even if one of them passes away before the other. By choosing this option, individuals essentially provide a safety net for their loved ones, which can be crucial in managing living expenses and maintaining a certain quality of life.

In contrast, the other choices do not offer joint income guarantees for multiple recipients. For instance, the Fixed Period Option pays out benefits for a predetermined period regardless of the recipients' lifetimes, while the Interest Only Option allows the beneficiaries to receive only the interest generated from the policy, rather than a guaranteed income based on lifetimes. The Life Income Option guarantees income for a single recipient until their death, lacking the joint income mechanism present in the Life Income Joint and Survivor option.