Which annuity payout option makes no additional payments regardless of when the annuitant dies?

• A. Life Only
• B. Cash Refund
• C. Period Certain
• D. Joint Life with Survivor

Answer: (A)

Life Only, often called pure life, is the payout option that ends payments when the annuitant dies. It provides payments for as long as the annuitant is alive, but once death occurs there are no further installments, regardless of any remaining value in the contract. That’s why this option makes no additional payments after death.

Other common options are designed to provide benefits after death: cash refund would deliver any remaining amount to a beneficiary if the annuitant dies before the funds are exhausted; a period-certain option guarantees payments to someone for a specified period even if the annuitant dies early; and joint life with survivor continues payments to the surviving person after one dies. These features keep payments going beyond the annuitant’s death, unlike Life Only.