Which annuity guarantees payments for a certain period, regardless of whether the annuitant lives that long?

The option that accurately describes an annuity that guarantees payments for a certain period, no matter if the annuitant lives through that timeframe, is the period certain annuity. This type of annuity is designed to provide a series of payments for a specific number of years. If the annuitant passes away before the end of that period, the remaining payments will still be made to a designated beneficiary or to the estate, ensuring that the financial benefit continues regardless of the annuitant's lifespan.

In contrast, other types of annuities, such as life income, are contingent on the annuitant's survival; payments cease when the annuitant dies. Similarly, joint and survivor annuities provide lifetime payments to two individuals, but payments stop upon the death of the last surviving individual. Refund life annuities also base the continuation of payments on the annuitant's life, as their purpose is to return the initial investment if the annuitant dies early, but they do not guarantee a fixed period of payments. This differentiation establishes the period certain annuity as the only option that ensures payments for a predetermined duration, safeguarding against the risk of the annuitant's premature death.