Which option provides income payments to two individuals?

The joint and full survivor option is designed specifically to provide income payments to two individuals, typically a married couple or partners. Under this arrangement, one individual receives payments for their lifetime, and when they pass away, the second individual continues to receive payments for their lifetime as well. This ensures that there is a consistent income stream for both parties for as long as either of them is alive.

This option is beneficial in situations where financial security is a priority for both individuals involved, especially in cases where one might outlive the other. It helps in effectively planning for retirement and provides peace of mind knowing that income will be sustained throughout both lives.

In contrast, the other options do not offer this dual income feature. The cash refund option provides beneficiaries with a return of the premiums paid, but it does not ensure ongoing payments to two individuals. The straight life income option provides payments for the lifetime of one individual only, stopping when that person dies. Lastly, the life with period certain option guarantees payments for a specified period regardless of survival but does not extend to multiple individuals receiving a lifetime benefit together.