A five-year annuity certain provides guaranteed payments for a specific period (in this case, five years). If the annuitant dies before the end of the five-year period, the beneficiary will receive the remaining payments for the balance of the five years. This ensures the payment duration regardless of the annuitant’s death.
[Reference: Virginia Life, Annuities, and Health Insurance Code, Section 38.2-3320 (Annuities Certain), , , ]
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