What is the policy structure that maximizes income during a beneficiary's lifetime without residual benefits?

The policy structure that maximizes income during a beneficiary's lifetime without residual benefits is known as Life Income (Straight Life). This type of policy provides the insured with a stream of income for the remainder of their life. The key feature is that once the insured passes away, the payments cease, and there are no remaining benefits paid to any beneficiaries, which aligns with the idea of maximizing the income without residual benefits.

In this structure, since there are no guarantee provisions for a return of benefits to anyone after the insured's death, the payouts can be maximized for that individual during their lifetime. This aspect appeals to those who are looking for the highest possible income while alive, as purely income-driven policies forfeit any remaining funds afterward.

The other options contain elements that either guarantee a return of benefits to beneficiaries or provide income for a specified period, which means they would not maximize income during a beneficiary's lifetime without providing residual benefits. For instance, a Life Refund Income offers payments but will return funds to beneficiaries if the insured dies early, while Life with Period Certain guarantees payments for a specified term regardless of the insured's lifespan. Life Guaranteed carries similar aspects of providing security across a lifetime but typically includes provisions that may result in residual benefits.