The age of the beneficiary is a factor used to calculate the amount paid from a life insurance policy under the ________ settlement option.

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The age of the beneficiary is a factor used to calculate the amount paid under the life income settlement option. This option provides a guaranteed income for the beneficiary's lifetime, and the amount paid is based on the age of the beneficiary at the time of the insured's death. The older the beneficiary, the higher the payout amount will be. The other settlement options (interest, fixed amount, and fixed) do not take the beneficiary's age into account.

The Age of the Beneficiary Is a Factor Used to Calculate