Question 18 of 20 Chang Lee purchased a $300,000 single premium immediate annuity (SPIA) and selected a payout option that guarantees the insurer will provide annuity payments for only as long as he lives. When Mr. Lee dies, the annuity payments end. Under this type of payout option, if Mr. Lee lives longer than expected, he may receive more in annuity payments than the $300.000 single premium he paid for the annuity. This type of payout option is known as a life annuity life income with period certain annuity life income with refund annuity fixed period annuity