Definitions for "Life income option"
A settlement option under which the company uses the policy proceeds and interest to pay a series of annual or more frequent installments over the lifetime of the person designated to receive the policy benefit.
One of the settlement options under which the proceeds of a life insurance or annuity policy may be applied to buy an annuity payable to the beneficiary for life#often with a specified number of payments certain or a refund if payments do not equal or exceed premiums paid.
A settlement option under which the beneficiary of a life insurance policy is guaranteed regular periodic payments for life.