Abstract: A method and computer program product for providing survivor income-replacement benefits having a guaranteed rate of interest with the possibility of a higher income stream to the designated survivor if supported by prevailing interest rates at the time of annuitization. In one embodiment, the insured would purchase either a fixed level dollar amount of monthly income for a fixed period of time or a Cost of Living Adjusted (COLA) benefit in the form of a monthly annuity. The insurance carrier is required to contractually guarantee a minimum rate of interest, e.g., 3% at the time of annuitization. The insurance carrier is further required to apply the same discount rate to the annuity contract that is provided to the best commercially available immediate annuity contract the carrier offers at the time of annuitization, subject to the minimum guaranteed rate of interest.