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At the end of an annuity contract, the annuitant has several options:<\/strong><\/p>\n<\/p>\n
<\/p>\n- 1. Annuity Payouts:<\/strong> The most common option is to start receiving regular annuity payouts based on the contract’s terms. This can be in the form of a lump sum or periodic payments.<\/li>\n
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- 2. Lump Sum Distribution:<\/strong> Instead of regular payments, the annuitant may choose to receive the remaining balance as a single, large payment.<\/li>\n
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- 3. Renewal and Continuation:<\/strong> Some annuity contracts may allow the annuitant to renew or continue the contract for another term, ensuring a continued stream of income.<\/li>\n
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- 4. Surrender:<\/strong> An annuitant also has the option to surrender the annuity at the end of the contract and receive the current cash value.<\/li>\n
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- 5. Death Benefit:<\/strong> In the case of the annuitant’s passing, the contract may offer a death benefit to the beneficiary, which can be received as a lump sum or in regular installments.<\/li>\n
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