Which payout option provides periodic payments for the annuitant's lifetime with no guaranteed payments beyond death?

• A. Life annuity - straight life
• B. Life Annuity with Period Certain
• C. Joint Life with Last Survivor Annuity
• D. Refund Annuity

Answer: (A)

The main idea here is how life annuity payout options handle after the annuitant dies. A straight-life annuity pays out for the entire lifetime of the annuitant and ends when that person dies, with no payments guaranteed after death. That means you receive periodic payments for as long as you live, and nothing is paid out once you pass away, which matches the described requirement.

Other options provide some form of after-death guarantee or continuation: a life annuity with period certain guarantees payments for a minimum period even if you die early, so there can be payments beyond death of the annuitant; joint life with last survivor continues payments until the last surviving person dies; and a refund annuity promises to return any unpaid portion of the premium to a beneficiary, which also creates a form of guarantee beyond the annuitant’s death.

So the option that best fits “payments for the annuitant’s lifetime with no guaranteed payments beyond death” is the straight-life (life-only) annuity.