Which annuity option allows continued payments to beneficiaries after the annuitant's death?

The installment refund annuity is designed to provide payments to beneficiaries after the death of the annuitant, ensuring that the total amount contributed to the annuity is returned. This option means that if the annuitant passes away before the total payout equals the initial premium paid, the remaining balance will be distributed to the beneficiaries in the form of continued payments.

This feature protects the investment made by the annuitant and guarantees that the beneficiaries receive a benefit, aligning with the need for financial security even after the annuitant's death. It differs from other annuity types, such as a life annuity, where payments cease after the annuitant's death, providing no further benefits to heirs. Similarly, both deferred and immediate annuities focus on the payment schedules rather than a guaranteed continuation of benefits to beneficiaries after the annuitant's passing.