Your Ten-Year Guarantee
Your Ten-Year Guarantee
All MMBB annuities guarantee 120 monthly payments (10 years) unless you waive the guarantee. The guarantee protects you. If you and your joint annuitant die before receiving at least ten years of income from your annuity, your beneficiary or estate will receive the remaining value for the 10-year period. If you and/or your spouse live beyond the 120-month period, annuity payments continue for as long as either of you lives. This guarantee applies even if you elect a single-life annuity payment option. The waiver of this feature would add less than 1% to the amount of the joint-life and survivorship payment and a little more than that on the single-life payment. The increase depends on your age, the age of your spouse and other factors.