- Is it really “Cash for Life”?
- How is the “Cash For Life” top prize paid?
- When do I receive my first check?
- What is the lump sum?
- What happens to my prize if I pass away?
- How much in tax withholdings is taken out of my prize?
1. Is it really “Cash for Life”?
Yes. If you win a Cash For Life top prize and choose the annuity (yearly) prize option, we will pay you for as long as you live. There is no cap!
Need an example? How about this: if you win a top prize when you are 30 years old and you live to be 90 years old, we will have made payments to you for 60 years!
As we like to say, “You keep living, we keep giving.”
2. How is the “Cash For Life” top prize paid?
The top prize on any of the Cash For Life games is paid out either as an annuity in annual or monthly installments for the rest of your life or as a one-time lump sum cash payment. And the good news? The choice is up to you!
3. When do I receive my first check?
Regardless which prize payment option you choose (lifetime annuity or one-time lump-sum), you will receive a check the day you claim your prize.
4. What is the lump sum?
The lump sum (pre-tax amount) varies by game, as follows:
- $500 A Week Cash For Life = $300,000
- $1,000 A Week Cash For Life = $600,000
- $2,500 A Week Cash For Life = $1,500,000
- $5,000 A Week Cash For Life = $3,000,000
5. What happens to my prize if I pass away?
If you win a Cash For Life top prize and choose the annuity prize option, but pass away before you’ve received 20 years-worth of payments, we will determine the remaining value of your prize (up to the 20-year minimum payout) and pay a one-time lump-sum amount to your estate.
6. How much in tax withholdings is taken out of my prize?
Both federal and state taxes will be withheld from your prize at a rate of 25 percent (federal) and 3.3 percent (state) for a total of 28.3 percent.