All annuity amounts shown are the average amounts a jackpot winner would receive. Mega Millions annuity payments are made on an annually-increasing rate schedule, so to see what the payments would be on a year-by-year basis for any state, click the Annual Payment Schedule link next to the state. The remaining amount is the total of your lump sum payment. For example, if you win $1 million, your lump sum payout is half of that, or $500,000. Federal withholding is 25% of the payout, or $125,000. If your state has a 7% income tax it will withhold that amount as well - in this example, $35,000. The resulting lump sum payout is $340,000. Powerball, for example, offers winners the choice of a lump-sum payout or an annuity of 30 payments over 29 years. Mega Millions offers lump-sum payouts or annuities. The annuity offers an initial payment followed by 29 annual payments. Each payment is 5 percent larger than the previous one.

• A weekly drawing where 10 people are selected to win $1,000 on non-winning ticket(s).
• For more information see the Super 2nd Chance page.

A second daily draw was added to three Lotto games—Pick 3, Pick 4, and All or Nothing.

• The two daily draws are called MIDDAY and EVENING.
• For all three games, the MIDDAY draw takes place at 1:30 p.m. and the EVENING draw takes place at 9:00 p.m.
• Players can choose to play MIDDAY, EVENING, or BOTH draws each day.
• Prizes, odds of winning, and how to play Pick 3, Pick 4, and All or Nothing remain the same. The games and how to play them have not changed

For all details, visit wilottery.com/TwiceDailyDraws

Collect at least $5 worth of eligible non-winning instant and/or lotto tickets for which the prize claim period has not expired. Lotto tickets are valid for 180 days from the draw date. See How to Enter Super 2nd Chance for all details.

Winning tickets up to $100 can be redeemed as credits to purchase other Lottery tickets at the touchscreen vending machines. No actual cash is dispensed by the machine.

No, the option to redeem your winnings as credits is only available on the shorter, touchscreen vending machines.

The ticket is considered redeemed and can be thrown away. We recommend tearing the ticket in half so others know it has been redeemed.

No, they cannot be used for entry into the drawing. Only non-winning, non-expired tickets are eligible for the Super 2nd Chance Drawing.

• We are not responsible for the United State Postal Service; however we process tickets as soon as they are received.
• It may take up to four weeks for the complete process.

• No.
• Tickets eligible for Super 2nd Chance are non-winning instant or lotto ticket(s), in which the prize claim period has not expired.
• Lotto tickets are valid for 180 days after the draw date.
• For a list of valid instant tickets, please click here Instant Games.

• This means the retailer that sold you the ticket did not activate the pack of tickets.
• Give us a call at 608-267-4804.

Wisconsin Lottery winning tickets are distributed randomly. We have no control over who wins or where the winner is from. Areas in Wisconsin with higher populations tend to have more retailers. These areas may also have more sales and more winners. Since winners are chosen randomly, a city or area may have many winners in a short time frame. Other times, a city or area may go a long period of time without big winners.

• No, once is a ticket is expired it can no longer be paid out.

No, not automatically. When you buy a ticket, you do have to select which draws to play in (MIDDAY, EVENING, or BOTH) and you do have to pay for each drawing you selected. For example, if you play 1 set of numbers in All or Nothing and select BOTH Midday and Evening draw, your total ticket price is $4 – because it is $2 per play so, for two drawings (MIDDAY and EVENING) your total would be $4.

For all details, visit wilottery.com/TwiceDailyDraws

• Click Claiming Prizes for information.

• Yes.
• Mailing labels are acceptable.

• The odds are calculated by taking the total number of tickets printed divided by the total number of prizes available.
• The prizes' location in the game are random.
• A string of ten tickets may not produce a winner, but another string of ten tickets may produce several winners.

• Powerball, Mega Millions and Megabucks can be played 8 consecutive draws in advance.
• All daily games can be played 7 consecutive draws in advance. These include: Badger5, SuperCash!, All or Nothing, Pick 3 and Pick 4.

Give us a call at 608-261-4916 and we can play the game with you, or arrange to have you send in a photo, so we can help you figure it out.

Twice daily draws does NOT double the cost to play but you do have to pay for each drawing. When you buy a ticket, you select which draws to play in (MIDDAY, EVENING, or BOTH) and you pay for each drawing you selected. For example, if you play 1 set of numbers in All or Nothing and select BOTH (MIDDAY and EVENING draw), your total ticket price is $4 – which is $2 for 1 play in 2 drawings. You could also choose to play 1 set of numbers in just the All or Nothing Evening draw or just the All or Nothing MIDDAY draw. Then your total ticket price is $2.

For all details, visit wilottery.com/TwiceDailyDraws

• Madison Lottery Office is located at:
  • Department of Revenue
    2135 Rimrock Rd
    Madison, WI 53713
• Milwaukee Lottery Office is located at:
  • State Office Building
    819 N 6th St 4th Floor
    Milwaukee, WI 53203

• At least one of the non-winning tickets should be completed with the player's name, address and phone number.

• For every Megabucks ticket sold, a percentage of that $1 is placed into a jackpot prize pool.
• The more tickets sold, the higher the cash option.
• ​​​​​​​With Megabucks, the lottery automatically funds a starting cash option of $400,000 and an annuity of $1 million.

In some cases, the Megabucks annuity jackpot may stay the same or decrease. The annuity jackpot, funded by the cash pool available to purchase government bonds, can vary if there are changes in the overall financial markets or the U.S. government's bond rating. These changes can make it much more expensive to buy these long-term securities. So, even as the cash jackpot continues to grow, the estimated annuity jackpot may remain the same or decrease from one drawing to the next.

• Powerball drawings are held at Universal Studios in Florida.
• Mega Millions drawing are held in Atlanta, Georgia.
• Powerball and Mega Millions drawings are broadcast over satellite. Wisconsin stations are not contractually obligated to show the drawing however, they typically show the drawing when the jackpot is high.
• All other drawing can be viewed on YouTube.

• You can call the state debt collection number at (608) 266-7879.

• Lotto tickets are valid for 180 days after the draw date.
• For a list of valid ticket please click here Instant Games.

Megabucks Payout Calculator

We recommend you sign your tickets as soon as you purchase them. But, no, you do not need to sign every ticket for Super 2nd Chance.

• On the back of any instant scratch ticket, the game number is the first three or four numbers in the string of numbers located immediately above the long barcode (usually found at the bottom of the ticket back).

• All Wisconsin Lottery games are drawn using a Random Number Generator (RNG).
• A RNG is a machine with the sole purpose of picking random numbers. It is not connected to any outside line or to the Lottery gaming system.

• Please click here for a listing of Wisconsin Lottery Retailers.

• The ticket should be signed and submitted to the Madison Wisconsin Lottery Office.
• A court order must be issued.
• Please click here for Multiple Winners packet.

Pick 3, Pick 4, and All or Nothing drawings are held every day after 1:30 p.m. for MIDDAY draws and after 9:00 p.m. for EVENING draws. Tickets must be purchased before 1:30 p.m. to be included in that day's MIDDAY draw and before 9:00 p.m. to be included in that day’s EVENING draw.

• Yes, all lottery winnings are taxable.
• We automatically deduct
  • Federal tax for a ticket $5,001+ is 24%.
  • State tax for a ticket $2,000+ is 7.65%.

• No, tickets can not be split.
• They are void if stolen, unissued, mutilated, altered, unreadable, counterfeit, defective, multiply printed or fail validation tests.

• Click here to see the About the Wisconsin Lottery page.

• The population in certain areas is higher, so more people are buying lottery tickets in that area.
• If more people are buying tickets in the area, that area is more likely to have winners.

• No. You cannot use your credit card to purchase lottery tickets.
• By law, lottery tickets may only be purchased with cash.

• A court order must be issued if more than one person is claiming a prize.
• Read more in the Multiple Winner Checklist.

You do not need to provide a Social Security number (SSN) when cashing a prize up to $599. To claim a prize $600 or higher, you will need to provide one of the following: a SSN, an Individual Taxpayer Identification Number (ITIN), or a completed IRS Form W-8BEN.

Note: Only provide personal information when you are filling out a claim form or when you come to the validations office to claim a prize. Do not provide your personal or confidential information to someone who calls claiming to be from a lottery or a government agency as that may be a scam.

• No. Wisconsin has an “open records law.”
• Most information that state government produces or controls is available to any organization or person requesting it. Only information “in the public’s interest” may be released by a government agency.
• The lottery, upon request, must release the name and city of the winner. Any other information about the winner will be released only with the winner’s consent. Likewise, it is the winner's choice if they would like to speak to the media.

• Yes.
• If you purchased a Wisconsin lottery ticket you can still claim your prize.
• Mail your ticket in to the address below to be redeemed.
  Prizes
  PO Box 777
  Madison, WI 53774

No. However, Powerball and Mega Millions are broadcast over satellite, so many Wisconsin stations can broadcast the drawings. Wisconsin stations are not contractually obligated to show them, therefore, which stations air them and when and how they choose to do so is at the station's discretion.
All other Wisconsin Lottery games are drawn using a Random Number Generator (RNG). An RNG is a machine with the sole purpose of picking random numbers. It is not connected to any outside line or to the Lottery gaming system. These drawings are not televised. However, videotapes of the drawings are available for public review for 180 days following the drawing. Results from these drawings are also available on our website, through many local newspapers, at retailers, and by calling our 24-hour player hotline at (608) 266-7777.

• You may purchase tickets if you are 18 years or older.

• The value of unclaimed prizes is credited to the Wisconsin Lottery property tax relief fund.

• You must purchase a Wisconsin Lottery ticket at a Wisconsin Lottery Retailer.

• Winning tickets up to $500,999 may be claimed at the Madison or Milwaukee Lottery Office or by mail to the Madison Lottery Office.
• Winning tickets of $501,000 or larger must be claimed in person at the Madison Lottery Office.
• Please visit How to Claim a Prize for more info.

The Features and Procedures include the number of top prizes, however this is just an estimate, as it is created before the actual tickets are printed. Frequently, the number of top prizes printed is more than what was estimated, and that is why we list the total number of top prizes and the top prizes remaining on our website. The top prizes remaining are updated on the website weekly, and represent the actual number of top prizes that are in the game.

Please note that the odds of the game are always equal to or better than what is printed on the ticket back.

• No. You may only purchase Wisconsin Lottery tickets at a Wisconsin Lottery retailer.

• Call our player hotline at (608) 266-7777.

• Upon the death of a prize winner, any prize money that has not been paid shall be paid to the prize winner's estate. (Wis. Stats. 565.30 (1).)

• The Wisconsin Lottery does not know who winners are until they claim prizes.
• If you receive a call, email or letter saying you are a winner, this could be a scam.
• Do not give out your personal or confidential information to someone claiming to be from a government agency.
• More consumer protection information can be found on the Wisconsin Department of Agriculture, Trade and Consumer Protection website.

• It is up to the retailer's discretion how much they'd like to pay out a winning ticket.
• Many retailers do not keep enough cash on hand to pay out large winners. This maybe due to security reasons.
• To claim your prize click here for other options.

• We receive approximated 50,000 entries each week.
• Odds of winning a Super 2nd Chance prize are dependent on the number of entries received.

• Only an original ticket (not a copy) can be validated and paid.
• We recommend signing your tickets as soon as you purchase them. Wisconsin Lottery tickets are bearer instruments; whoever signs the back of the ticket is considered the rightful owner.
• A Wisconsin Lottery ticket cannot be voided; once printed there is no way to cancel it.

• For each game, click on the Features and Procedures or brochure.

• Wisconsin Lottery website: wilottery.com.
• Published in many local papers.
• Click here to sign up for numbers sent to your phone.
• Lottery Player Hotline: (608) 266-7777.
• Join the Lottery Players Club.

• If you suspect your phone call is a scam, call Consumer Protection at (800) 422-7128.
• Or to file a complaint click on FTC Complaint Assistant.

• Driver's license (current), State identification card or Passport.
• Social Security Number (physical card is not required).

Yes, you can redeem a multi-draw ticket that still has remaining draws.

• You will receive payment for your winnings.
• You will also receive an exchange ticket for the remaining draws on your original ticket.

• 70-80% of people purchase Powerball, Mega Millions, Megabucks, Badger 5 and SuperCash! as quick picks and likewise, the same percent are winning tickets.
• 70-80% of people purchase Pick 3 and Pick 4 by selecting their own numbers and likewise, the same percent are winning tickets.

• No, the envelope can be no larger than 4.5 inches by 9.5 inches shall constitute a single entry regardless how many tickets or envelopes are enclosed.
• The envelope is what is drawn, therefore each envelope is one entry.

• Cash option:
  For every dollar spent on a jackpot lotto game, a certain percentage is placed immediately into a cash pool. When you win the jackpot and choose the cash option, you will get the entire amount in the cash pool, minus taxes.
• Annuity:
  When you win the jackpot and choose the annuity option, the cash pool is used to buy government bonds that pay out over a 25-year period for Megabucks or over a 30-year period for Powerball and Mega Millions. You will receive a payment every year until the full annuity amount is paid out. Taxes are withheld from each payment. It is similar to how a savings bond works. A $100 savings bond costs the purchaser only $50 today. If the holder of the bond waits until maturity, the bond is then worth the entire $100.

Note: After presenting the winning ticket you have 60 days to decide on cash option or annuity. After 60 days have passed, if you have not made a decision, the payment automatically becomes an annuity.

• Please click here to see Past Winning Numbers.

• You can check your ticket at any Wisconsin Lottery Retailer at the self-checker.
• The self-checker will show if it is a winning or non-winning ticket.

No, per the Features and Procedures, all tickets sent to the Wisconsin Lottery's SUPER 2ND CHANCE DRAWING address become the property of the Wisconsin Lottery and will not be returned.

A fast and easy way to play all of Wisconsin’s Lotto games for
one price!

For $10, a player will receive a quick pick ticket for eight Lotto games for their next drawing.

Tickets (wagers) include:

• $2 Powerball
• $2 Mega Millions
• $2 All or Nothing
• $1 Megabucks
• $1 SuperCash!
• $1 Badger 5
• $.50 Pick 4 (Box play)
• $.50 Pick 3 (Box play)

• No.
• Entries must be mailed to:
  Super 2nd Chance
  PO Box 77006
  Madison, WI 53707-1006

• The current Major Jackpot Level is $150,000,000.
• The Major Jackpot Level is the level above which Powerball drawings will no longer include a Power Play of 10X.

• Lotto tickets are valid for 180 days after the draw date.

• For a list of valid ticket please click here Instant Games.

• It is at your discretion to mail a winning Lottery ticket in to be redeemed.
• If mailing, make a copy of the ticket(s) and claim form for your records.
• Many certify their mail in order to track its arrival to WI Lottery Validations Office.

Yes. If you buy one set of numbers and select BOTH, the ticket will show one set of numbers and then list each specific draw (2 draws total) that set of numbers is eligible for. If you buy 2 sets of numbers and select BOTH, the ticket will show two sets of numbers and still list only 2 draws underneath.

For all details, visit wilottery.com/TwiceDailyDraws

This calculator can estimate the annuity payout amount for a fixed payout length or estimate the length that an annuity can last if supplied a fixed payout amount. Please use our Annuity Calculator to estimate the end balance of an annuity for the accumulation phase.

Annual Balances

Qualified vs. Non-Qualified Annuities

Qualified

In the U.S., a tax-qualified annuity is one used for qualified, tax-advantaged retirement plans such as an IRA or 401(k). Less commonly qualified retirement plans include defined benefit pension plans, 403(b)s (similar to 401(k)s), Keogh Plans, Thrift Savings Plans (TSPs), and Simplified Employee Pensions (SEPs). Contributions to qualified annuities are generally paid with pretax money, including any investments purchased for use in a qualified retirement plan, and are not included in taxable income for the year in which they are paid. This means that contributions during a tax year can be deductible, lowering taxable income. However, the eventual distributions during a future tax year are subject to ordinary income taxes.

When used as a form of retirement savings, these annuities are entitled to all the tax benefits and penalties of their respective plans. However, the rules of the annuity plan still govern all matters and may override certain rules. With that said, features that are unique to annuities such as guaranteed death benefits (benefits that must be paid out to beneficiaries regardless of factors such as down markets and decreases in account value) may still be included.

Non-Qualified

These annuities are purchased with after-tax dollars. In other words, the only portion of a non-qualified annuity policy that is eligible for taxation is the portion attained during the wealth accumulation phase, similar to investments made through a Roth IRA. If a non-qualified annuity is partially or fully surrendered, the first dollars to come out are considered earnings, and all the earnings are taxed at standard income rates. A big distinction to make is that unlike qualified annuities, non-qualified annuities are not subject to minimum distribution rules after the age of 72. There is no limit on the amount of non-qualified money that can be placed into an annuity, or the number of annuities that can be purchased.

Early Withdrawals

Withdrawals from an annuity before the age of 59 ½ will result in a 10% early withdrawal penalty on top of regular income tax. For all types of annuities, earnings are not taxable until money is withdrawn. Because withdrawals are taxed on a 'last in, first out' (LIFO) basis, earnings are paid out before principal.

With that said however, there are exceptions. Most annuity contracts allow the withdrawal of a portion of the account value each year without incurring a surrender charge. Other annuity contracts may allow the withdrawal of the gains (not principal) from an annuity without penalty. Also, as retirement accounts, annuities allow early withdrawals without penalty for annuitants who become disabled, suffer a major medical emergency, or are diagnosed with a terminal illness. In addition, some contracts offer benefits for using penalty-free withdrawals to pay for long term care expenses.

Phases of an Annuity

There are several phases in the life of an annuity: the accumulation, annuitization, and payout phases.

Accumulation Phase

The accumulation phase is the first stage during which an annuity builds up cash value utilizing gathered funds. It always comes first and begins after an initial investment is made. There are several ways this can be accomplished; the most common method is to transfer funds, usually by check or bank transfer. Funds can come in the form of one lump sum or a series of payments, and there is precise reasoning to both methods. A lump sum is more commonly chosen by investors close to or already in retirement in order to start the annuitization and payout phase as quickly as possible. This allows them to start receiving distributions that are usually guaranteed for life, right away. Also called 'immediate annuities' because their distribution, or payout, of income is almost immediate, they have very short accumulation phases as a result. On the other hand, a series of payments might be more beneficial for younger investors who want to grow wealth over time in order to have future income in retirement. As an aside, even after the accumulation phase of an annuity ends, it does not stop increasing in value (given good economic conditions). Assets will continue to be invested well into all three phases, regardless of whether the annuity is fixed, indexed, or variable. By following annuity rules, earnings will accumulate on a tax-deferred basis until withdrawals are ready to be made.

1035 Exchange

A 1035 Exchange, taken from the Internal Revenue Code section of the same number, is an IRS provision in the tax code that allows policyholders to transfer funds from a life insurance plan, endowment, or annuity to a new policy without it being treated as a sale. As such, the payment of tax is not required.

This is beneficial to policy holders for several reasons:

• Economic conditions continually change over time and can potentially adversely affect each individual and their long-term contracts.
• General improvements in health and life expectancy of the entire population can lower insurance costs.
• Policy holders who feel they no longer need coverage may benefit from moving life insurance cash into annuities. Converting a life insurance policy into an income annuity will surrender the death benefit, but premium payments will no longer be required, and income will be secured for a specified number of years.

In these scenarios, a 1035 Exchange allows policy holders to get out of sticky situations by replacing outdated contracts with new contracts that have improved benefits, higher death benefits, lower fees, and/or alternate investment options.

Only the following transfers are considered tax-free by the IRS:

• Exchanging one annuity contract with another annuity contract or an annuity with long-term care benefits
• Exchanging one life insurance contract with another life insurance contract, endowment contract, or annuity contract
• Exchanging one endowment policy for an identical endowment policy that does not delay the date upon which payments will begin, or an annuity contract

Anything else, such as exchanging an annuity contract for a life insurance policy is not valid as a 1035 Exchange and will be considered by the IRS as a taxable event. In addition, for a 1035 exchange to take place, the owner, the insured, and the annuitant must be the same people listed on the old contract.

Partial 1035 Exchange of Annuity

Megabucks Payout Chart

Unlike a 1035 Exchange, which concerns the transfer of entire annuity contracts, annuity owners have the opportunity to exchange a portion of their annuity contract for another annuity contract tax-free. The basis is divided pro-rata, not income-out-first. For instance, if half the value of the annuity is exchanged for a second annuity, the new annuity will take half the cost basis.

As an example, an annuity owner has a $50,000 nonqualified deferred annuity with a $40,000 basis. If they require a $10,000 distribution, it would be taxed at the full amount of $10,000. However, if they take $25,000 instead and exchange it for a second annuity, each contract will then have $25,000 with a $20,000 basis. With this rule, a $10,000 distribution from either contract will result in only $5,000 in taxable income.

In order to qualify, distributions must not be taken from either contract within 180 days of the exchange. The IRS may treat a distribution during this window as being part of the original transaction resulting in the full amount of income of both contracts being taxable, as opposed to only taxing income from the contract that distributed the funds. While partial exchanges are allowed by the IRS, many insurance companies do not provide this service.

1035 Exchanges (including partial 1035 exchanges) involve a complex set of tax rules and regulations. It can be helpful to work with a professional.

Annuitization Phase

The annuitization phase is more of a single, immediate event rather than a phase, acting as a separation between the accumulation and payout phases. It represents the point at which the insurance company stops receiving payments from the investor in preparation to return the accumulated assets as periodic payments to the annuitant (who was the investor). In other words, the annuity is 'annuitized.' In the case of a variable annuity, annuitization also represents the point at which all accumulated units purchased in the contract are converted into annuity units for payout. The decision to annuitize is final, and once made, it is not possible to request a different form of payout or access the principal.

Payout Phase

Sometimes referred to as the distribution phase, this is the final phase of an annuity, which can be calculated by this Annuity Payout Calculator. This is the phase in which the insurance company distributes payments to the investor. The length of the phase can vary widely, depending on various factors such as the payout amount and the total value accrued during the accumulation phase. Whether buying an immediate annuity or converting a deferred annuity into income payments, the options are essentially the same. Payments can be distributed over a specific period of time: monthly, quarterly, semiannually or annually. It is important to note that regardless of which option is chosen, once applied, the choice is irrevocable.

In non-qualified annuities (annuities that aren't used to fund tax-advantaged retirement plans), a portion of each payment is considered either earnings or principal. The latter will be tax-free, while the former is subject to the same taxes as ordinary income. The earnings are considered withdrawn first and are therefore subject to taxation. All withdrawals are fully taxable until the account value reaches the principal invested.

Payout Options

There are several options for choosing how annuity payouts occur, and not all annuities offer every payout option. The Annuity Payout Calculator only calculates fixed payment or fixed length, two of the most common options. Both are represented by tabs on the calculator.

Lump Sum

The lump sum payment option allows annuitants to withdraw the entire account value of an annuity in a single withdrawal. This can be useful in many cases where the entire value of the account is desired immediately. A penalty will not be incurred as long as this is done after the age of 59 ½. However, income taxes may apply to the year of withdrawal. This makes it financially undesirable from a tax minimization standpoint.

Fixed Length

A fixed length payout option, also known as fixed period or period certain payout, allows annuitants to select a specific time period over which the annuity payments are guaranteed to last. For example, an annuitant aged 60 who selects a 10-year period certain payout will be guaranteed payments until around age 70. Fixed length payouts are usually paid in monthly installments over a chosen time period, such as 10, 15 or 20 years. It is very possible to choose too short or too long a fixed length for an annuity. If the main annuitant dies with funds left, any remaining amount will be passed to their heirs. This payout option is not affected by how long the main annuitant lives.

Fixed Payment Amount

A fixed payment amount payout option allows annuitants to select the amount they will receive in each monthly payment. These payments will continue until the annuity's balance is depleted. As the calculator shows, the duration of the payments depends on the amount chosen and the annuity's accumulated value at the time of annuitization. The fixed payment amount option shares the same risk as the fixed length payout option; it is possible to choose too small or too large a fixed monthly payment amount, resulting in the retiree either outliving the annuity, or dying with money remaining in the account. It is up to each individual to consider their situation to determine which option to choose, as there are different risks associated with all of them.

Life Only

Maine Megabucks Payouts

For this option, the insurance company makes payments to the annuitant for as long as they live. Calculated life expectancy will determine the payment amount. The longer the life expectancy, the smaller the payment amount. A drawback to this option is that it is not possible to choose the payment amount, and there is no guarantee that the annuitant will receive the total value of their annuity. If they die within the first or second year, all the remaining funds in the annuity are lost. However, if the annuitant happens to live longer than the registered life expectancy, there is a possibility they receive more than the accumulated value of their annuity.

Megabucks Annuity Payout Calculator

Joint and Survivor

This option ensures that retirement income provided by an annuity will continue for a spouse in the case of death of the main annuitant. Payments are calculated and based on the life expectancy of the main annuitant and their spouse. Due to this, payments under this option will generally be lower than the life only option. Payments will cease upon the death of the second annuitant. Another version of this payout is called the joint life with last survivor annuity, which can cover more than two people, such as the main annuitant, their spouse, and a dependent child.

Life with Period Certain

This option combines features of the fixed length and life only options. It guarantees income for life, but also allows the annuitant to select a specific time period during which the annuity pays a designated beneficiary, such as 10 years, even in the case of death before the guaranteed period ends. If the annuitant dies after the period certain, no payments are made to the beneficiary.