What are the various payout options available with annuities?

The correct choice highlights the various payout options that annuities can offer, which are designed to cater to different financial needs and goals. Specifically, options such as life only, joint life, and period certain allow for flexibility and customization in how the funds are disbursed.

• Life-only payouts ensure that the annuity payments continue for the life of the annuitant, providing a steady income stream as long as they are alive. This can be particularly beneficial for individuals seeking long-term financial security in retirement.

• Joint life payouts extend the payment option to cover more than one person, typically a spouse or partner. This ensures that both individuals receive benefits until the second person passes away, offering peace of mind in financial planning for couples.

• Period certain payouts guarantee payments over a chosen number of years, regardless of whether the annuitant is still alive. This option can be ideal for individuals wanting a fixed income for a specified time frame, which may align with other financial planning goals.

Overall, the variety in these payout options reflects the adaptability of annuities as a financial product, allowing clients to choose the payout structure that best fits their individual circumstances and preferences.