Which term describes the process of providing payments to multiple recipients for as long as they live?

The term that describes the process of providing payments to multiple recipients for as long as they live is "Life Income Joint and Survivor." This option specifically refers to an annuity payment structure that provides income to two or more individuals, such as spouses or partners, ensuring that as long as one remains alive, they will continue to receive payments. This arrangement is particularly valuable in joint financial planning, as it offers financial security to both parties, protecting them against the risk of outliving their income.

The key aspect of "Life Income Joint and Survivor" is that the payments persist for the lifetimes of the recipients, thereby ensuring that neither party is left without income upon the death of the other. This form of payment can also be structured to continue at a reduced rate after the first recipient passes away, depending on the chosen plan.

In contrast, other options, such as the Life Income Option, typically provide income to a single recipient only, while the Interest Only Option and Fixed Amount Option deal with different methods of distributing the principal or interest of a policy rather than providing lifelong payments to multiple people. Understanding these distinctions is crucial for effective financial planning and ensuring that the chosen option aligns with the beneficiaries' needs.