Final answer:
Joint and Survivor annuity is the payout option that provides income to multiple annuitants while they are alive.
Explanation:
Joint and Survivor annuity is the payout option that will provide multiple annuitants income only while they are all alive. This type of annuity ensures that payments continue to a surviving annuitant after the other annuitant passes away.
An annuity is a contract that provides regular payments for a specified period or until death. It offers a way to secure income in retirement. The Joint and Survivor annuity is a common choice for couples to ensure ongoing financial support.
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