What life insurance settlement option provides lifetime benefits to two or more people?

The joint and survivor settlement option is designed to provide lifetime benefits to two or more individuals, typically covering a married couple or partners. This arrangement ensures that as long as either individual is alive, payments will continue, making it an appealing choice for couples who want financial security for each other in retirement or as a safety net.

One of the key features of the joint and survivor option is that the payout can be structured to provide a specified percentage of the original benefit after one party passes away, ensuring continued support for the surviving party. This arrangement addresses both individuals' needs and provides lasting financial protection for them throughout their lifetimes.

In contrast, other options, such as the term option, are designed for a specific period and do not provide ongoing benefits for the lifetime of the insured. The fixed period option similarly restricts benefits to a predetermined time frame, and the life income option typically provides payments for the life of one individual rather than multiple people. Thus, the joint and survivor option distinctly meets the requirement of offering continuous benefits to two or more insured parties.