What type of annuity guarantees income payments for life with a provision for beneficiaries if the annuitant dies before a specified period?

The option describing a type of annuity that guarantees income payments for the lifetime of the annuitant, while also providing a provision for beneficiaries if the annuitant dies before a specified period, is indeed a Life Annuity with Period Certain.

This specific arrangement ensures that the annuitant receives regular income for life, thereby providing financial security during their lifetime. The "Period Certain" aspect means that if the annuitant passes away before the end of a specified time frame (e.g., 10 or 20 years), the remaining payments are guaranteed to be made to the designated beneficiaries. This offers a safety net, ensuring that the investment continues to provide value even after the annuitant's death, addressing concerns about losing the premium paid for the annuity.

In contrast, a Fixed Deferred Annuity does not provide immediate income and focuses on the growth of the investment over time before payouts begin. An Immediate Annuity starts payments right away but typically does not include a provision for beneficiaries if the annuitant dies shortly after the contract begins. A Single Premium Annuity refers to the initial payment structure, but it does not describe the income guarantee or beneficiary provisions related to the lifetime aspect of income payments.