Which type of payout option provides no beneficiary and ends payments at the annuitant's death?

The payout option that provides no beneficiary and ends payments at the annuitant's death is the straight-life payout. This option is designed specifically to provide periodic payments for the duration of the annuitant's life. Once the annuitant passes away, payments cease completely, and there are no remaining benefits for any heirs or beneficiaries.

This model is beneficial for those who seek to maximize their income during their lifetime since the entire payout is based solely on the life expectancy of the annuitant. It typically offers higher periodic payments compared to other options that may involve beneficiaries or guaranteed periods. Other payout structures may allow for payments to continue to other parties or for a set time, which is not the case with the straight-life payout.