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).

The person whose life is the measuring life for the payout; annuity payments are based on the annuitant's life expectancy.