Lifetime annuity
\ˈlaɪfˌtaɪm\ \əˈnuəti\
A financial instrument offered by an insurance company that helps individuals hedge against longevity risk (risk of outliving retirement savings) by providing a series of payments (annual, monthly or quarterly) as long as the recipient lives. Typically, an individual will reach retirement and purchase a lifetime (whole life) annuity with a large single premium in exchange for regular payments until death.
Additional product types and features include increasing payments, a guaranteed minimum payment period, the inclusion of a contingent beneficiary benefit spouse, or a delay in the payments beginning.