Death benefit
If you die before your payments start, your annuity may pay a death benefit to the person you chose as your beneficiary. Death benefits usually pay them the value of your annuity or the premiums you paid, whichever is more.
Fixed amount (also called systematic withdrawal schedule)
You can choose how much to get paid each month. You'll get payments until you stop them or run out of money. Your insurer won't guarantee that payments will last the rest of your life. How much you get and how many months you get payments depends on how much you have in your account.
Fixed period (also called period certain)
You choose a specific period (e.g., 10, 15 or 20 years) to get annuity payments. After you die, payments may go to the person you chose as your beneficiary. Example: If you choose to get paid for 15 years and die within the first 10 years, your beneficiary will get paid for the remaining 5 years.
Joint and survivor life
With this option, you choose someone to be your survivor. Your insurer will provide payments for as long as you or they live. These payments are usually smaller than the life-only option, as your insurer will pay for whoever lives longer.
Life only
Your insurer will pay you for the rest of your life. How much you get paid is based on how long you expect to live. The longer you expect to live, the smaller your payments will be. If you don't live long, you might not get all the money from your annuity. But if you live a long time, you might get more than your annuity is worth.
Life with period certain (also called guaranteed term)
Like the life-only option, this pays you for the rest of your life. You may also choose a guaranteed period, such as 10 years. If you die before that period ends, your annuity must pay your estate or the person you chose as your beneficiary.
Lump sum payment
This lets you get all the money from your annuity in one payment. However, you'll need to pay taxes on the entire amount. Because of this, you may not want to take this option.