Annuity Payout Options
Choose the payout option that works for you
With a Navy Mutual annuity, you can elect to receive income using any of these payout options:
- Lump sum – You receive the entire accumulated cash value as a single payment.
- Fixed period – You receive payments for a set period ranging from 1 to 30 years. Payments stop once this period is complete. If you die during this period, a designated beneficiary receives the remainder of the payments. This income option allows you to surrender the annuity for its remaining lump-sum cash value at any point during the payout period.
- Life Income with No Death Benefit – You receive the highest monthly income, with payments that are guaranteed for life. Payments stop upon your death.
- Life Income with “Period Certain” – You receive guaranteed payments for life. If you die during the “period certain,” a designated beneficiary receives the payments for the remainder of the period certain.
- Joint and Survivor Income – You and a joint annuitant receive guaranteed payments until one of you dies. At that time, the survivor continues to receive a previously decided-upon percentage of the original payment amount until his or her death.