The lump sum, or cash option, for the Lucky for Life top prize varies depending on the number of winners for that specific drawing. While the annuitized option offers $1,000 a day for life, winners can choose a one-time cash payment instead.
Understanding the Lucky for Life Top Prize Cash Options
The exact lump sum amount available is determined by the total number of individuals who win the top prize in a single drawing. The prize structure is designed to accommodate different scenarios, ensuring a defined payout for winners.
Here’s a breakdown of the cash option for the top prize:
| Number of Top Prize Winners | Annuitized Payment Option (Total Prize Liability) | Cash Option (Total Prize Pool) |
|---|---|---|
| 1 Winner | $1,000 a day for life | $5,750,000.00 |
| 2 to 14 Winners | $1,000 a day for life (shared) | $5,750,000.00 (shared) |
| 15 or More Winners | (No annuitized payment option) | $7,125,000.00 (shared) |
How the Lump Sum is Distributed
It's important to understand how the "shared" amounts are distributed:
- For a single winner, the lump sum is a straightforward $5,750,000.00.
- If there are between 2 and 14 winners of the top prize, the total cash option prize liability remains $5,750,000.00. This amount is then divided equally among all the top prize winners. For example, if there are two winners, each would receive half of this sum ($2,875,000.00).
- When there are 15 or more winners, the total prize liability for the cash option increases to $7,125,000.00. This larger pool is then divided equally among all 15 or more top prize winners. In this scenario, the annuitized payment option is not available, and all winners receive a share of the cash equivalent.
This tiered system ensures that while the total prize liability might be capped or adjusted in cases of numerous winners, each winner still receives a substantial cash prize.
