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http://www.ssa.gov/OACT/STATS/table4c6.html
says you will live 17 plus years if you are average.
The 120 times 131 gives you 15720 which says take the lump sum, BUT I really don't think you have all the info needed to make a rational decision. Using T-Value the 131 for 120 is a negative 5+%.
You might try a couple of the insurance sites (Berkshire Hathaway, NewYork Life etc) toget an idea of what is available to purchase with the lump sum.
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