Quick ReadA life-only SPIA buyer who dies after two years leaves roughly $215,000 unrecovered, with every unpaid dollar going to the insurer instead of heirs. Cash-refund or period-certain riders protect heirs by returning unpaid principal, cutting monthly income by only 5% to 10%. Self-funding retirement income through bond ladders or Treasuries can yield 4% to 5% while preserving principal, but shifts longevity risk entirely to the retiree. Under a straight life-only single premium immediate annuity (SPIA), the heirs receive nothing. A life-only SPIA pays the highest income because the insurer keeps every unpaid dollar when you die.