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Retirement Planning

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Term Certain Payment Option

One of several choices available to an annuitant for payment. If the term certain option is selected, payments will continue for the minimum of the amount of years of the term or the owner's life. For example, if a 10 year term certain annuity is selected, payments will continue for an additional four years if the annuitant passes away after six years. Compare to Life Annuity and joint and survivor annuity.

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