New York State Life Insurance Exam Questions Practice Question
Which of the following guarantees the annuitant CANNOT outlive their benefits?
Correct Answer: B
Rationale: Guaranteed lifetime withdrawal benefits ensure that the annuitant receives a steady income for life, regardless of how long they live, effectively preventing them from outliving their benefits.
Option A, right of survivorship, pertains to asset transfer upon death, not income guarantees. Option C, guaranteed minimum accumulation benefit, focuses on the minimum value of an investment rather than providing a lifetime income. Option D, simple income rider, typically offers a fixed income for a specified period, which may not last a lifetime. Thus, only guaranteed lifetime withdrawal benefits provide the assurance of lifelong income.
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