Cassie, age 62, paid a life insurer $100,000 in exchange for a life annuity. If Cassie dies before receiving 120 monthly payments from the insurer, the remaining payments will be made to a beneficiary. If Cassie dies after receiving 120 payments, no additional payments are made by the insurer. The annuity option Cassie selected it

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This option guarantees that if Cassie dies before receiving 120 monthly payments, the remaining payments will be made to a beneficiary. However, if she lives past 120 payments, the annuity payments will stop. This option provides a guaranteed income stream for Cassie's lifetime while also providing the added benefit of a period certain for her beneficiary in case of her early death. This option strikes a good balance between maximizing Cassie's income stream and providing protection for her beneficiary.

Cassie, Age 62, Paid a Life Insurer $100,000 in Exchange