The policyowner may elect a payment option other than lump sum during the insured’s lifetime or the beneficiary may also elect a payment option if proceeds are payable to the beneficiary. Options include the following:
•payment for a fixed period – equal installments for a fixed period of years not to exceed 30 years;
•payment of a fixed amount – fixed payments are made in installments until the proceeds are depleted;
•left at interest – interest of not less than 1 percent annually will be paid periodically.