What is a Life With Periodic Certainty Guarantee Annuity?
A “Life with a Periodic Certain Guarantee Annuity” provides payments for as long as the annuitant remains alive, but with the hybrid provision that payments are guaranteed to be made over a fixed period, even if the annuitant dies during that fixed period. If the annuitant died during the fixed period, the remaining portion of specified benefits for the specified period would be paid either periodically or in a lump sum to a surviving beneficiary.
