Structured settlement annuities can be designed to provide guaranteed income to meet a claimant's specific needs. Payment stream options include:
- Term Certain - Payments begin on a date selected by the claimant and continue at specified intervals for a guaranteed period of time.
- Life Only - Payments begin at the date selected and continue until death. The goal of a life only annuity is to maximize income during a person's lifetime.
- Certain and Life - Income payments begin at the date selected and continue until death. In the event the annuitant dies within a guaranteed period, payments for the balance of that period are paid to a beneficiary.
- Joint and Either Survivor - Payments begin on the date selected and continue throughout both annuitant lifetimes. Upon death of either annuitant, a selected percentage of the benefit, designated at time of purchase, is paid to the surviving annuitant.
- Joint and Contingent Survivor - Payments begin on the date selected and continue throughout the annuitant's lifetime. Upon death of the annuitant, a selected percentage of the benefit is paid to the joint annuitant designated at time of purchase (if the joint annuitant is still living).
- Lump Sum Payments - Guaranteed lump-sum payments are paid to the annuitant. May also be used to supplement regular annuity payment streams (e.g. an annuitant may receive a monthly payment with an additional lump sum paid at age 18 to help meet education or other expenses).