Iowa Lottery CEO Terry Rich talks during the Lottery board meeting.
The Iowa Lottery Board has approved a new game that promises winners a weekly check for as long as they live. Iowa Lottery CEO Terry Rich says the tickets will cost two dollars, and the game will start with the new year.
“The Lucky for Life game will begin in late January and it has a unique play and a unique feel much different than Powerball and MegaMillions, in that you get a cash payment every week for life,” Rich says.
The game’s top prize would pay you seven-thousand dollars each week, unless you want to collect right away. Rich says there is an option where you could take a lump sum payment. The Lucky for Life ticket started as a regional game in the New England states and Rich says other states have since joined in.
“It’s very popular in states around us, including Missouri, Minnesota and Wisconsin. And we think it will be very popular here too,” Rich says. What happens if you get lucky and win the life prize, but then only collect a few weeks before you get unlucky and die?
Rich says you are guaranteed at least 20 years of pay outs, so if you win and then die, the remainder of the prize pay outs would go to your heirs. He says the Iowa Lottery had considered joining the game earlier, but decided to delay moving ahead until they completed the move to their new offices.