Janet is the beneficiary of her uncle's $200,000 life insurance policy.When her uncle died,Janet selected a settlement option that pays monthly benefits for as long as she lives.If Janet dies before receiving $200,000,payments will continue to a contingent beneficiary until a total of $200,000 has been paid.What settlement option did Janet select?

Question

Quizplus · Accepted Answer

Janet selected the "life income with guaranteed total amount" option, which ensures she receives monthly payments for life, and if she dies before $200,000 is paid out, the payments continue to a contingent beneficiary until the total amount is reached.

Janet Is the Beneficiary of Her Uncle's $200,000 Life Insurance