Annuities

To liquidate an estate by converting a sum of money into a stream of income that the owner cannot outlive.

Longevity risk — the risk of outliving one's retirement income.

Life insurance creates an estate (protects against dying too soon); an annuity liquidates an estate (protects against living too long).

No — it is primarily a living-benefit (income) product, not a death-benefit product.

The party who purchases the contract, pays the premiums, and holds the rights (such as surrender and naming the beneficiary).