What is the name of the settlement option that pays benefits as long as either of two beneficiaries is alive?

The settlement option that pays benefits as long as either of two beneficiaries is alive is known as the Joint and Survivor option. This type of arrangement is designed to provide a continuous stream of income for both beneficiaries until the passing of the last surviving beneficiary. It's particularly suitable for couples or partners who wish to ensure that the surviving individual continues to receive benefit payments after one party has passed away.

In contrast, the Single Life option only provides payments for the lifetime of one individual, which does not offer ongoing support for a second beneficiary. The Fixed Period option pays benefits for a set number of years regardless of the beneficiaries’ status, and the Interest-only option allows for benefits to be paid as interest on a certain sum while the principal remains intact, which again does not provide the same assurance of continued payments based on the longevity of either beneficiary.