What type of contract guarantees the insured an income until death?

A life annuity is specifically designed to provide a guaranteed income stream to the insured for the duration of their life, starting from the point the annuity is activated. When an individual enters into a life annuity contract, they typically make a lump sum payment or a series of payments, in return for which the insurance company commits to making periodic payments to the insured until they pass away. This type of contract effectively ensures that the individual has a stable source of income that continues as long as they are alive, thus providing financial security in retirement or later years.

In contrast, term insurance is intended to provide coverage for a set period and pays out a death benefit only if the insured dies within that term. Universal life insurance and whole life insurance are both forms of permanent life insurance that provide a death benefit along with a cash value component, but they do not guarantee an income stream like a life annuity does. They may provide some cash value that can be used during the insured's life, but they are primarily designed to pay out upon death rather than provide ongoing income.