Definition of "Income for Life with a Guaranteed Time Period Annuity"

An annuity income option that guarantees payments for the annuitant's life, with a guaranteed number of years. If the annuitant dies during the guaranteed period, payments will continue to the annuity's owner (or beneficiary if the owner is deceased), for the remainder of the period. Many annuities also offer this option for the lives of two annuitants. You may be able to choose fixed or variable payments, depending on the annuity.