An annuitization-method option with which the annuitant chooses to receive regular income payments that are guaranteed to last the rest of his or her life but also guarantees income payments for a minimum number of years (the term) following the start of the annuitization period - even if the annuitant dies before the end of the term.

This annuitization-method option guarantees you a lifelong retirement income but also removes the risk associated with an early death, in which case you would lose the value of your contributions to the annuity account. However, compared to the annuitants who have the standard life option (without guaranteed term coverage), annuitants who choose this option generally receive smaller income payments as a price paid for the added safety.