Which NY life insurance settlement option pays the beneficiary a guaranteed monthly income for life, but if the beneficiary dies before a specified minimum number of years has elapsed, continues payments to a contingent payee until that minimum period ends?

Why this is the answer

NY life policies routinely permit the policyowner or beneficiary to elect one of several standard settlement options. 'Life income with period certain' (e.g., life with 10 or 20 years certain) pays the primary payee for life, but guarantees that payments will continue to a contingent payee until a set minimum period has run, even if the primary payee dies early. Interest-only retains principal and pays interest only; fixed-period pays for a set number of years without a life element; lump-sum pays everything immediately. Only choice B combines both lifetime and minimum-period features.