Which life insurance settlement option guarantees lifetime payments to the recipient with a specified guaranteed period?

The life income with period certain option guarantees that the recipient will receive payments for their entire lifetime, but also includes a specified guaranteed period during which payments will be made. This feature ensures that if the recipient passes away before the guaranteed period ends, any remaining payments will be made to their beneficiary. This option provides both security for the policyholder and peace of mind for their heirs, as it combines lifetime income with a safety net for a specified time frame.

The lifetime income aspect ensures that the recipient does not outlive their income, while the guaranteed period offers additional assurance that there will be some financial benefit to the beneficiaries if the insured dies earlier than expected. This combination makes the life income with period certain an appealing option for many policyholders who want to secure their financial needs while still considering their beneficiaries.