Both of these annuity options allow the receipt of guaranteed monthly income payments for life. (goodfinancialcents.com)
Depending on the particular rider, the policyholder may also receive monthly income payments at a rate of 1 percent of the full value of the policy. (insuranceopedia.com)
This allows for the pensioner to take the highest monthly income payment in retirement because the life insurance policy acts as a safety net for the surviving spouse. (pacificinsurancegroup.com)