Which settlement option specifies a guaranteed period for payments to continue to a designated beneficiary?

The option that specifies a guaranteed period for payments to continue to a designated beneficiary is "Life income with period certain." This settlement option allows for regular income payments to be made to a beneficiary for a specified period, regardless of whether the designated individual is still alive. If the beneficiary passes away before the end of that guaranteed period, the remaining payments will be made to a contingent payee or can be directed to the estate.

This ensures that the beneficiary receives an income for a minimum duration that has been predetermined, offering both security and predictability. It combines the features of life income, which ceases upon the death of the primary beneficiary, with the security of a guaranteed payment period, making it a favorable option for beneficiaries who may need consistent support for a specific timeframe.

In contrast, the other options do not incorporate a guaranteed period tied to a specific timeframe for payments. For instance, the joint and survivor option focuses on providing lifetime income to two individuals, without a set duration for payments. The single life option provides payments only during the lifetime of the individual, which means there is no continuation guarantee for a beneficiary. The fixed amount option specifies set payments but does not assure a minimum duration, potentially allowing for an immediate cessation based on the balance or