Lifetime income, starting later.
Also known as longevity insurance.
Typically bought young (50’s and 60’s) and starting old (age 80 to 85) and paying for life
very high payout levels…. if you live long enough to collect on it
Variations include QLAC’s (Qualified Longevity Income Contracts) which allow you to convert a portion of your IRA into income , starting later, withotu concern for Required Minimum Distributions