When you buy an immediate annuity, or when you’re ready to convert your deferred annuity into income, you will have to choose the way in which that income will be paid. Every contract offers a range of choices that provide different benefits, pay different amounts of income, and cover different periods of time. LIFE ANNUITY Based on contract value, your age when payments begin, and interest rate (if fixed income) or investment performance and AIR (if variable income.) LIFE INCOME WITH PERIOD, OR TERM, CERTAIN Based on contract value, your age when payments begin, interest rate (if fixed income) or investment performance and AIR (if variable income), and the length of the guarantee (typically from 5 to 20 years.) LIFE INCOME WITH REFUND PAYOUT Based on contract value, your age when payments begin, interest rate (if fixed income) or investment performance and AIR
(if variable income), and the refund guarantee. JOINT AND SURVIVOR LIFE ANNUITY Based on contract value, your age and the age of your joint annuitant when payments begin, and interest rate (if fixed income) or investment performance and AIR (if variable income) JOINT AND SURVIVOR ANNUITY WITH PERIOD, OR TERM, CERTAIN Based on contract value, your age and   Read more…