A lump sum investment that “immediately” distributes a set amount. Perfect for retirement planning.
You make regular payments (typically while you are still working) that convert to payments to you at a future date.
Add the option to pay your beneficiary the amount of your investment less the payouts you’ve received.
Commuted Payout Rider
This allows a larger lump sum payout, usually for an emergency of some sort, when you have to have it (amount and timeframe is limited and specified).