What annuity payout option has no additional payouts regardless of when the annuitant dies?

A cash refund option ensures that if the annuitant dies before the total amount paid into the annuity is exhausted, the remaining balance will be refunded as a lump sum to the beneficiaries. This option provides a safety net for the initial investment, differentiating it from the life-only option.

Life certain guarantees payouts for a minimum period, regardless of whether the annuitant lives or dies. If the annuitant dies before the specified period ends, payments continue to beneficiaries until the end of that period. This feature adds an element of assurance that payments will be made for a defined time frame.

An installment refund option allows for the remaining balance to be paid out in installments if the annuitant dies before receiving the total investment amount. This provides a structured payout to beneficiaries, contrasting with the life-only option where no further payments occur after death.