Once you decide to receive income from a Navy Mutual annuity, you may choose from among the following payout options:
You may receive a payment of the entire accumulated cash value as a single payment.
An individual may receive income during a fixed number of years, which can range from one to 30 years. All payments will cease after the elected period is complete. If the annuitant should die during the fixed period, a designated beneficiary will receive the remainder of the payments.
Life Income with No Death Benefit
This option allows an individual to receive the highest monthly income during the course of a lifetime. Payments are guaranteed to continue for the life of the annuitant. Upon the annuitant’s death, payments will cease.
Life Income with a Fixed “Period Certain”
Payments are guaranteed to continue during the annuitant’s lifetime. In addition, this option contains a feature that ensures the continuation of payments to the owner or beneficiary (as applicable) if the annuitant should die within a predetermined period of time, referred to as a “period certain.” A period certain of 5, 10, 15, or 20 years may be elected. Should the annuitant die during the period certain, payments will continue to a designated beneficiary for the remainder of the period certain. For example, if a 15-year period certain is elected and the annuitant dies in the 11th year, a beneficiary will continue to receive payments for four years. If the annuitant’s death occurs after the period certain, no additional payments will be paid.
Joint & Survivor Income
Payments are made until the death of the surviving annuitant. Upon the death of one annuitant, the surviving annuitant will continue to receive a previously elected percentage of the original annuity payment. The survivor may receive 100%, 66⅔%, or 50% of the annuity payment. Payments cease upon the death of the second annuitant.
To learn more about Navy Mutual annuity payout options, please call us at 800-628-6011.