The settlement option that pays the maximum death benefit proceeds until death of the beneficiary is known as

This option guarantees payments for a specified period, even if the beneficiary dies before the end of that term. While it offers some security for beneficiaries, it does not extend payments for the lifetime of the beneficiary, which limits the total death benefit they can receive compared to the life income option.

An installment refund option provides payments until the total of the death benefit has been paid out. If the beneficiary dies before receiving the full amount, the remaining balance is paid to a designated beneficiary. Although it offers a form of continuous payout, it does not ensure lifetime payments to the original beneficiary, making it less favorable for maximizing benefits through life income.

A lump sum payment provides the entire death benefit at once, which can be beneficial for immediate financial needs. However, it does not offer ongoing support or payments over time, which means that it does not fulfill the requirement of paying the maximum death benefit proceeds until the beneficiary's death.